I had a long response from Polar about the irritation on my chest. The first thing they said was to stop wearing it until its healed. Then I had a load of questions to answer and took some photos to show what caused the irritation.

So here we can see the mark of the edge of the electrode plate. This was taken five days after I wore the strap, so its faded a lot.

This is the close up of the electrode and its that edge that seems to be responsible.