According to an article over on Patently Apple Apple have filed for a bike computer / ipod integration patent.

On August 5, 2010, the US Patent & Trademark Office published a patent application from Apple that reveals various concepts behind a newly advanced Smart Bicycle System in development. The premise is rather like Apple's Nike + iPod system for runners except for cyclists. While the system is for individuals, it's also designed to work with teams of cyclists so that they could communicate with each other on-the-fly about course difficulty or perceived problems. The Bicycle system monitors speed, distance, time, altitude, elevation, incline, decline, heart rate, power, derailleur setting, cadence, wind speed, path completed, expected future path, heart rate, power, and pace. The system could utilize various sensors built-into the iPhone in addition to working with sensors already built-into the bike itself. Apple's patent is extraordinarily detailed and packed with interesting twists that the sporting cyclist will really appreciate

I wonder if the developers of the existing cycling apps are pissed? (more likely pleased to receive attention).

Seems apple are making a habit of patenting app developers ideas, here is a side by side comparison of an app and an apple patent application.