I just heard back from them again that the device can be used on the trainer with a wireless sensor and firmware upgrade. If you buy all of this together, it costs 737 instead of 430. It's a bit more expensive but still much cheaper than any other new powermeter. The 737 dollar unit also has HR and such.

The basic model for 430 doesn't have HR either.

The IBike III is also compatible with the 705 and quarq.

Brochure for anyone interested.