Turn your iPhone or iPod touch into a cycling computer with the iBike Dash CC. Your iPhone or touch is completely enclosed, so it is protected from the elements while you are riding. When you add the iBike app from iTunes, you’ll be able to view graphical, numerical, and animated data about your ride: current, average, and maximum speed and temperature; and cumulative data like trip distance and time, odometer, and more. Add optional sensors to monitor heart rate and cadence. You’ll receive a universal mounting system, a spoke magnet, a wireless iBike ANT+ sensor, and an enclosure for either an iPhone 4, iPhone 3G/3GS, or a touch (gen 1-3) for $199. Optional accessories are also available at iBike.
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Only add a solar panel to keep your device charged during the ride and you’re done !
Costs way too much. You can get a really nice Garmin that does more for the same amount and is samller plus not have to use your iPhone.