for me, the biggest hurdle to sleep cycle is that it needs to be physically on my bed whilst i sleep, whereas WakeMate is a wrist band.
i used sleep cycle for a while, however the phone would fall off my bed or i had to place it under my pillow (which is not recommended because of heat). plus, i don't really like having the phone that close to me whilst sleeping.
i look forward to WakeMate, i think it will be a more complete solution.