An added benefit is a better Instant Pace when outdoors if you set Speed Source to be the footpod.
I've never actually liked that, but it's because my stride rate/length changes dramatically between different paces. Seems to throw the paces just as out of whack as the instant pace from GPS. I'm a fan of having AVG Pace showing, and Instant Pace. Most people I run with don't have those issues though, and have theirs set up the same way.