Polar FS3 heart rate monitor is a basic heart rate monitor. It is designed for general use and fitness training.
The main features of the Polar FS3 heart rate monitor are:
Continuous Heart Rate Monitoring
Manual and Automatic Setting of Heart Rate Training Zone with Audio and Visual Alarm
Duration of Exercise Session (using its Stop Watch)
Average Heart Rate of Exercise Session
Maximum Heart Rate of Exercise Session
Basic Time Keeping - Time, Day of the Week, Date
Backlight
Wireless heart rate monitor composed of an analogue chest strap transmitter and a wrist watch receiver
Water resistant up to 50m
The features in bold are found in FS3 but not in FS2. It is in fact identical to Polar FS2 except for ONE additional feature over FS2:
The aged-based automatic setting of heart rate training zone
What this means is that Polar FS3 heart rate monitor calculates your heart rate training zone according to a formula based on your age. According to its user manual, it estimates your maximum heart rate according to the formula:
Max HR = 220 - Your Age.
If you are 30 year old, your estimated maximum heart rate is 220 - 30 = 190 beats per minute. It then uses your maximum heart rate to calculate your own heart rate percentage training limits.
If, for any reason, you happen to know your actual maximum heart rate (i.e. one that is measured instead of estimated), then you probably don't need this feature. You would use your actual maximum heart rate to calculate your own training limits and set those limits manually on the heart rate monitor watch.
Summary
The Polar FS1, FS2 and FS3 monitors are all basic heart rate monitors with no frills. The suggested retail price of FS3 is $89.95. My pick out of the 3 would be the Polar FS2. The FS3's age-based automatic calculation of heart rate zones probably does not justify an additional $10 over the price of FS2.
Next one up in the Polar fitness series is the Polar F4 heart rate monitor. It is an intermediate heart rate monitor. The Polar F4 has considerably more features than the Polar F3.