http://www.trainerroad.com/getting-started

Wahoo speed and cadence sensor ANT+
Garmin ANT+ usb stick.
30 pin to 8 pin lighting adaptor for iPhone

You don't need anything ant+. You just need a bluetooth speed/cadence sensor, or if you want ant+ as well, get a wahoo's new dual sensor with BT and ant+. The iPhone 5 will get the BT signal and you'll be good to go.

Will my heart rate be detected? I have the Garmin 305 with heart rate.

Oops, sorry, forgot to address your HR monitor. If you want to use the one you have, you'll need to follow Heath's advice, but it might be cheaper and a better overall solution if you just get a new HR monitor that is BT capable. They have several now that are both BT/ANT+, which might be a good way to go for the future if you mix products.

So if I'm understanding you, I can get the bluetooth/ANT sensor, AND a bluetooth compatible heart rate strap and be good to go?

I wonder if the new HRS would be compantble with my 305..... Not that I mind having two different ones, but it would be nice to not have too many to keep track of..

Thanks a lot for the info!

Yes. If you get a new strap that is dual BT/ANT+, it should work both with your iphone (via BT) and your 305 (via ANT+...I assuming). I think Wahoo has a new dual model (traditional chest strap) and I think at least on of the new arm band models is dual.

Do yourself a favor and get an armband optical HR monitor like the Rhythm+. That goes out over BTLE and Ant+ and you don't have the annoying strap. Out of all the tri crap I've bought that one device was probably the biggest advance in comfort.

While I've not tried this yet, I agree...not a fan of the chest straps.

IF YOU GO FULL BLUETOOTH:

1. HRM - Wahoo Fitness TICKR Heart Rate Monitor
2. Speed & Cadence - Wahoo Fitness BlueSC

This will make everything dual band (Bluetooth & Ant+) allowing you to still use the HRM with your Forerunner 305

IF YOU GO FULL ANT+:

1. ANT+ Receiver: Wahoo Fitness Key (Don't Get the Garmin one it's terrible)
2. HRM - Keep Your Garmin strap
3. Speed & Cadence - Wahoo Fitness BlueSC or Garmin Speed Sensor and Cadence Sensor
<Optional> Required for iPhone5/iPad4 and above
4. 30 Pin to Lightening: Apple Lightning to 30-pin Adapter

Going with first option is the best for longevity as it is dual band and will support the newer devices coming down the pipeline. It also allows for you to hang onto any legacy devices and make use of them still.

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"Train so you have no regrets @ the finish line"

1. A computer or laptop (most common but they have just released an app for the iphone)
2. Install (free with subscription) TrainerRoad software on computer
3. Something to read the speed of your rear wheel and transmit it.
4. Something on your computer to receive the signal from your speed sensor
5. Tell the TrainerRoad program what trainer you have so it knows how to calculate virtual power.
6. (optional) - a heart rate monitor strap that transmits in a way that matches the thingy you have plugged into your computer (e.g. Ant+ or Bluetooth).

All the names people are throwing around are just various ways of doing #s 3 & 4.

Thanks a ton for the tips guys!

I'm really looking foreword to getting this all set up and getting to WORK!