1-speed bicycle played an amazing show in Toronto a few years back right after a mogwai show had ended. Mogwai came and got really drunk and started harrassing everyone it was really really funny.
The best offshoot from godspeed remains A Silver Mt. Zion though, all of their albums are masterpieces but their first is possibly the most depressing piece of music eva. I love it.
Just switched over to using mountain bike grips and tape, must say its a much nicer experience when riding up close to the stem, a bit of a pain in the arse to get them on though.