Use it for GPS in the main.
Do not now use the phone on the bike, tried it and found it did not work for me. The BT2 worked technically well enough, but my brain did not cope as well with simultaneous phone call/riding. Some folks can, I can't - or at least I can't as well as I want, so I don't.
The music via a Zumo 550 is disappointing, but that is a limitation of the 550 as using an Ipod wired into the BT2 shows. Much more volume, much better quality. I have the 'high quality' speakers.
As I do not use it for all of its possible applications I can't give a definitive answer on battery life, but I do have a USB charger on the bike as this, or the mains charger it comes with, would be essential for a trip over a day.
The BT2 sometimes loses the Zumo, but this is usually only when making the initial connection and is quickly sorted. The on-unit control buttons are not as easy to use on the move as the makers claim, at least for me. The manual has to be read, and re-read.