Nike was smart to get out of the way
The hardware game is expensive and low margin. With all these devices coming down the pike for iOS, Android and other platforms, it's pretty clear that Nike was smart to plan its exit from the wearable devices market. Better to focus on building apps for the most popular platforms.
Despite this future plan, I can report that I'm a happy Nike device owner. For four years I've been using the same Nike SportBand. It's dead simple, inexpensive and a reliable old standby. Unfortunately this model has been replaced by the Nike FuelBand (with which I have no experience). I also have a Nike+ GPS Sportwatch, but to my dismay it recently fogged up (due to sweat) and then failed. I read a bunch of Amazon customer reviews and found out this is a common complaint. Fortunely, one customer detailed how to contact Nike and send the device back.
I was pleased and surprised to learn that this two-year-old watch was still covered by the warranty. I sent the failed watch back and a new one arrived in the mail within one week. I'll be sure to wear a sweat band just above the watch so it doesn't fail again. By the time it needs to replaced a second time, I'm sure I'll have a plethora of wearables options that will be compatible with my Nike+ online running log.