I have an iPhone4 and use cyclemeter...
Cyclemeter it provides way more information, and you can log information on Map My Ride, Strava, or any number of web sites.
I have a regular route and can track my progress as I ride.
The ram mount is highly recommended.
I have a bluetooth heart rate monitor, and that connect to the iPhone. I have an ANT cadence sensor that I have not been able to make work.
Frankly, i would feel naked if I biked without it.