This week's most unlikely patent, as reported on MacWorld:
Here comes the iBike? Apple files patent for a bicycle
Patent highlights Apple's concept for what they are calling a 'Smart Bike'.

...and the patent itself:
United States Patent Application: 0100198453

Of course, it could just be Apple getting in there so no one else can grab the patent, but all the same, if you read the patent application I can see some potential in the idea - especially the bit about tracking it if it gets stolen, that could be useful - a bit like "Where's my iPhone", but for bikes! I can see it dove-tailing into their Nike+ system, but would you actually buy one if they ever made it? I'm not sure there's a huge market for it, in this country at least, but in countries that are more "bike-friendly" perhaps?

It seems to just be a telemetary system for bikes, which would allow the iPod to gather the data (as you say, like the Nike+ system does now for running shoes).

This is like the LiveRider app that I saw recently. That has a $99 add on for the bike to clip the iPhone on to and integrates with the speedo that you can attach to the bike. It basically gives you a more informative bike speedo/computer.

www.newpotatotech.com/LiveRider/liverider.html

Microsoft did something similar for Fiat, with their Blue&Me add-on on the Fiat 500 and Punto, you plug in a USB stick and it downloads a bunch of telemitary, which is then used to calculate how economically you are driving, with the aim to help you to learn to drive the car better - optimal gear changes etc.