Racelogic do have a fairly good reputation. It claims a 20Hz GPS which is over the normal Dash Performance box thingy's 10Hz units...really cant see why it wouldnt be accurate.
If the unit is cheaper because of no display, cheaper shell, more modern cheaper components etc...then it should be as good as their other products. It's still £300, so not exactly a cheap product.
Ive had a Race Technology AX-22 for several years, and tested it against various drag strips and always found it to be very accurate. However it's very old, crappy to use, and even their software isnt particularly nice. And it claims only a 5Hz GPS, although also uses accelerometers too I believe.
If it can be deemed accurate, then for sure the Racelogic should be far better.
If they made one for Android...I'd consider buying one.
Only issues I see with requiring a phone to control it. Are just that. Laying a finger on a phone whilst the keys are in the ignition anywhere where the road traffic act applies. Well we all know how that can go these days.
From that point of view, their dash mounted and controlled unit is more appealing.