Cateye website says available Spring 2010 so it is brand new to the market. For the list price it has alot of features.
I have the Cateye Strada Double Wireless and not happy with it. Eats batteries and the rear sensor mounting thing came loose in my spokes and you know the rest.
Almost all cycling computers use a barometric altimeter and are accurate if the weather is not changing(ie front coming through) My house is at 1080 above sea level. The bike computer often reads between 400 and 1200 ft depending on the weather. If you just want it for accumulated elevation gain no problem and getting incline readings on hills again no problem.
Our group often compares mileage readings at the end of a ride and it is as accurate as any other computer.