I'm not sure exactly what the new thing is here. Sattelites have been used for years in govt and private applications to track position and speed/direction. maybe the transmitters for the cyclists were not small enough before?

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Slowguy

(insert pithy phrase here...)

Size and accuracy mainly.

WAAS is only available in North America so the rest of the work has varying degrees of accuracy of signal to work from.

Galileo (of which EGNOS is the trial) will be a satelite+ground station system to give higher degree of accuracy which is necessary for this type of application.