wasn’t someone asking about this recently? appears to be an ant+ adapter for iphone and accompanying workout software.
Here is the device: http://store.smheartlink.com/
Problem = poor battery life. No way can you do a long ride with an iPhone.
I wonder if they’ll come up with a new version now that Apple has released their new SDK that allows hardware vendors to use the USB port in conjunction with custom software. If you could physically plug it into the iPhone and then run the software then battery life would be greatly extended.