The LiveRider is a small device that allows you to mount your iPod on the handlebars of your bike. It’s also the software that comes with the mount, plugging your iPod into the physical intricacies of your riding habits.

For $100 the LiveRider tracks your speed, time and total distance, the watt output equivalent of your pedaling and the amount of calories you’ve burned. It lets you set a constant speed you’d like to keep and then pits you against a virtual rider who never strays from that speed.

It builds graphs of your rides, mapping your speed and cadence, and it lets you email them to anyone with a touch of a button. Not that we can imagine who would like to look over graphs of your bike runs. And there’s no GPS, so the app cannot draw your itinerary on a map.

The mount itself is secure and it comes with a wireless receiver that is connected to a sensor mounted on your back wheel, also included. All is good, but there are three major problems.

The app doesn’t nearly take advantage of the iPhone’s giant potential and computing power (when compared to bike computers), the mount is rather large, and mother of all sins – there’s no GPS tracking involved at any point in the process.