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I've had mine not pick up hrm and or cadence and still record the GPS track, but I've never bothered with a magnet speed sensor so don't know if that'd make a difference.
TurtleRecall-
I had some problems with a loose spoke magnet on my previous Garmin (500). I assumed that it would just fall back on GPS for speed when the magnet wasn't picking up, but this didn't seem to be the case. In the end I had to set up a new bike profile to get the thing working again.
TL,DR: buy a Elemnt.
ChasnotRobert
The magnet on the crank arm is just for cadence so can't see why that would prevent speed / distance being recorded.