My mate rode with his watch and his phone recording the same ride over the weekend, some segments were faster by 30 seconds or more on the phone. Very few were faster on the watch, and only by a couple of seconds. I think it's safe to say that if you aren't running a military grade GPS you can't trust every segment and phones appear to give you faster times in general. So really, the only valid segment challenge is yourself using the same device each time.
I really hope they consolidate segments with our money, it's so stupid when there are 12 of the same segment.