I ccouldn't get a definitive answer so I took a gamble and bought the H7 anyway and I'm delighted to inform that the two work together well! My phone is flashed to Project Lungo 4.4.2 (you need over 4.3 to be able to run Polar Beat)
The only issue I had was having to remove and reinsert battery before it would pair but from then you can chose an option in Polar Beat to make the device visible.
Looking forward to getting some exercises tracked!
Oh and to anyone wondering the difference between the H6 and H7 - the H6 is Bluetooth only. H7 pairs with Polar watches too!