Patently Apple reported that the US Patent and Trademark Office published a patent application called "Systems and Methods for Integrating a Portable Electronic Device with a Bicycle" that was received from Apple, Inc. According to the article, "Apple's patent is about using a new iPod or iPhone system primarily on a bike so that they could share information with other cyclists riding in a group. It could also provide feedback to cyclists regarding their performance or the performance of other cyclists with whom they are riding."
This is really interesting and I didn't expect Apple to have worked on any such device. There are many iPhone apps that offer some of the features discussed in the patent application (such as iMapMyRide+, Fitnio, etc.) but no one has developed an iOS-based app that provides so much integration with bike and personal sensors as well as real-time communications capabilities.
In my opinion, this is not a device that would appeal to the pro peleton at this level of conceptual refinement. For one thing, I think that the user interface described in the patent illustrations will be extremely difficult to operate while moving. Implementing something that sophisticated would need a radically different input mechanism.
I want to say that voice recognition would be helpful, mainly because pro riders wear a radio headphone already. But I have no idea if Apple could implement something like that in any foreseeable iPhone hardware configuration.Link to original patent application that is the basis for Patently Apple's article.