What I think most of the comments here are missing is that the hardware/software integration is this product's USP. Of course, anyone can mount an iPad on a stationary bike and play a game – that's a solved problem.

What Playpulse seems to be doing here is integrating the entertainment and the exercise, to the point where your pedal speed affects variables in-game, and in-game feedback changes your pedal resistance. Personally, I'm happy to just watch YouTube while working out, but I can see how gamifying your spin session could make it more engaging.