The first thing you should do when you get a Nike+ is calibrate the sensor.
I went over to a high school and walked a quarter of a mile and ran a quarter of a mile … One problem I ran into was that I sprinted the “running” lap which did not register as the correct distance, so I did more of a long-run pace.
The result: I ran the same trail I’ve run the past two days in about the same time, and when the sensor understands that my strides are not “default” length, my mile-time drops by a minute. It’s probably not dead-on accurate yet, but I’m pretty impressed by it.