SRM:
PRO: VERY accurate (2% for D/A-10 and the other new setups) and is able to be used with any wheelset. Also pretty easy to move between bikes. LONG reputation for quality. Widely considered the “gold standard.”
CON: Expensive. Cannot experiment with different length cranks.
POLAR:
PRO: CHEAPEST. Reasonable accurate, although accuracy may degrade on rough roads.
CON: Pain in the butt to set-up. Cannot be used indoors. Not supposed to be as accurate as others 5%
ERGOMO:
PRO: Can use any wheelset. Can use any Shimano octalink or Campy square-taper crankset, depending on which BB you buy. This means you can experiment with different cranks. Also can try different length cranks. Very accurate, claim 2%, but not sure if this has been validated.
CON: You are wedded to old technology with a separate BB & crank, as the advantages of outboard bearings are clear. Pain in the butt to move between bikes if you want to. Doesn’t have the same longstanding reputation as SRM. The record rate is MUCH slower than SRM. Cadence is only updated every 8 pedal revolutions. SRM you can record as often as every 1/4 of a second.
POWERTAP
PRO: Reasonable price, except if you want to race and train, you may need to buy two of them. Although an “aero cover” makes for a pretty good disc in the rear. Good accuracy. Can use any crankset/experiment with cranklength. New PowerTap Pro SL is pretty light. Very easy to move between bikes.
CON: No way to run a real disc. If you integrate with a durable training wheel, then it’s not so good for racing, and vice versa. Two powertap pros are STILL cheaper than a SRM, so it is not such a bad deal to get like a Mavic Open Pro with a Power Tap for training and a Zipp 808 rear for racing. Older, non-SL powertaps are VERY heavy and also have lousy water-resistance. SL apparently has better water-resistance, but may still not be great.
I have an SRM. The only downsides to it, in my opinion, is that you can’t experiment with different crank-lengths. The price is what it is. If you really use it, I think the difference is justifiable. If budget is your limiter, then buy the one that is in your budget. They are all pretty good. I think the SRM, PowerTap, and Ergomo are a cut above the Polar one, but are also SUBSTANTIALLY more expensive.
SRM is the ne plus ultra. But it may not be worth the extra money for you.