There are loads of sources of info via google but here's my general view.
I use a 705 for finding slow spots in time trials and for tracking routes on triathlons so I can work out where I need improvement and compare year on year. I like the connect.garmin.com stuff but there are others that allow you to track your progress on line.
The elevation like the general road tracking is not that accurate. I would not open a parachute based on it !
I have never started and finished at the same altitude on the same circuit, ok its only a few feet difference in most cases. You can calibrate it if its out too. I know I have never cycled underwater but it thinks I have.
The people who plan routes for marathons and other longer distance events use a bike with calibrated speedo not gps because the granularity of the sample on gps is not fine enough, its digital not analogue so it has to have a sample rate which introduces some inaccuracy. Its accurate enough for most people including me.
The maps supplied as a default are rubbish.