answer 1
No, the monitor does not work while swimming. In fact they recommend you do NOT swim with it on, as their literature state it is not "water-proof", only "water-resistant", which they define as able to survive water splashing on it, but not being submerged for any length of time. I'm not sure if they think it wise to even wear in the shower or not - should be ok as long as you don't hold it under a direct flow for more than a second or two ... or three!
Yeh, I know it seems pretty lame that when something says "water-resistant" to XX meters, you'd think you can dive into the water, but in fact they tell you not to ... go figure!
Anyway, it's a great featured & accurate HRM for the price, but not one for your triathalon swimming leg, only the cycling & run portion.