I believe this is a work in progress still, but it is suppose to be a kit that includes an iPhone app to turn your iPhone into a cycling computer and a carbon fiber dock that clamps onto your stem. It will work similarly to nike+ where you have a device in your shoe to record data, and relies on the ANT+ protocol. Which may open doors for CycleOps compatibility (hopefully), since all the current CycleOps wireless training hubs transmit data using the ANT+ protocol.
PedalBrain website for more info.
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