The attentive folks over at Patently Apple have uncovered an application Apple filed with the U.S. Patent & Trademark Office for a Smart Bicycle System. Patently Apple compares the potential device to the Nike+iPod kit, geared towards cyclists instead of runners. The bicycle system would monitor all sorts of measurements - speed, distance, elevation and so on - all measured with sensors in an iPhone, the bike, or both. The patent - and Patently Apple's analysis of it - is exquisitely detailed, and worth a look for cycling enthusiasts and Apple fans alike.
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Patently Apple Peddles Apple's "Smart Bicycle" Application
by Lex Friedman 
Holding 20+ patents myself and doing a significant amount of cycling, I don't see how this advances the current state-of-the-art beyond what would be "obvious" to anyone skilled in the art. It will be interesting to see what happens to this application and its claims once the patent examiner gets a hold of it.