The results of the below study confirmed the validity of iThlete's use of  ultra-short-term root mean square analysis of successive R-R intervals for providing HRV status.  The abstract is as follows:

Validity of the ithlete™ Smart Phone Application for Determining Ultra-Short-Term Heart Rate Variability

Andrew A. Flatt and Michael R. Esco

Additional article information

Abstract

The purpose of this investigation was to cross-validate the ithlete™ heart rate variability smart phone application with an electrocardiograph for determining ultra-short-term root mean square of successive R-R intervals. The root mean square of successive R-R intervals was simultaneously determined via electrocardiograph and ithlete™ at rest in twenty five healthy participants. There were no significant differences between the electrocardiograph and ithlete™ derived root mean square of successive R-R interval values (p > 0.05) and the correlation was near perfect (r = 0.99, p < 0.001). In addition, the ithlete™ revealed a Standard Error of the Estimate of 1.47 and Bland Altman plot showed that the limits of agreement ranged from 2.57 below to 2.63 above the constant error of −0.03. In conclusion, the ithlete™ appeared to provide a suitably accurate measure of root mean square of successive R-R intervals when compared to the electrocardiograph measures obtained in the laboratory The purpose of this investigation was to cross-validate the ithlete™ heart rate variability smart phone application with an electrocardiograph for determining ultra-short-term root mean square of successive R-R intervals. The root mean square of successive R-R intervals was simultaneously determined via electrocardiograph and ithlete™ at rest in twenty five healthy participants. There were no significant differences between the electrocardiograph and ithlete™ derived root mean square of successive R-R interval values (p > 0.05) and the correlation was near perfect (r = 0.99, p < 0.001). In addition, the ithlete™ revealed a Standard Error of the Estimate of 1.47 and Bland Altman plot showed that the limits of agreement ranged from 2.57 below to 2.63 above the constant error of −0.03. In conclusion, the ithlete™ appeared to provide a suitably accurate measure of root mean square of successive R-R intervals when compared to the electrocardiograph measures obtained in the laboratory within the current sample of healthy adult participants. The current study lays groundwork for future research determining the efficacy of ithlete™ for reflecting athletic training status over a chronic conditioning period.

http://www.ncbi.nlm.nih.gov/pmc/articles/PMC3916914/