I was thinking of the gps functionality, sharing routes with friends and family, uploading ride or commute reports, stuff like that.

But, yep, for just speed/distance/current time/elapsed time, it is hard to beat a basic bike computer for $2-$25.

For route uploads and tracking, a smartphone app just makes things so convenient.
But an Edge 500 or similar would save the phone for phone stuff and allow the phone to be kept safe and out of the weather.

My current Samsung Galaxy cost us 1-penny, but replacement cost is way up there.

I think I'll start shopping around and wait for the next REI coupon deal.