This
Sigma fitness monitor was
around 20 dollars and took less than 10 minutes to install.
It's a good way of keeping
track of elapsed time, average speed and more.
I was thinking the other day
it might also help to estimate power generated once I start
experimenting with pedal
power.
These devices basically only measures the time it takes to make the wheel to round. This is translated into speed by multiplying it with the circumference of the wheel which you have to program into the device. This is not sufficient to translate into power.
Real power meters are usually intergrated in the crankset. They basically use strain gauges to determine the force applied to the pedals. Using time and crank position this is then integrated into power. They are quite expensive (think thousands of dollars).
Of course on an exercise bike, your speed is always 0 mph.