Third night with Sleep Cycle and I switched it to airplane mode and stuck it at the central spot of my bed between my two pillows, since it wasn't registering effectively at the corner of my bed.

I think this looks like a more accurate reading. And as you can see, it's dreamless, just me passing out interwoven with two spikes of near- awake activity. I'm a mad sleep-talker so I can only assume I was spending those spikes orating.