Originally Posted by gregf83

You mean it has the tech specs to provide the same functionality as Garmin's lowest end bike computer, the Edge 200. To support the 500's functions it needs a barometric altimeter, ANT+ support, improved waterproofing and a bigger battery.

It's probably not worth it for Apple to burden all iPhones with the extra costs required to be a better bike computer so they would require a separate model or an accessory like Motoactv. I don't think the market is big enough to have a separate model.