I'm not sure if I'm late to the party here or not but the new Garmin Vector pedals with integrated power seems pretty sick! Coming March, 2012...
Just when I was wondering where I was going to park my last bit of disposable income. They are pretty radical though. Not sure if it would help me cycle faster or whether I should just get out on my bike more?
Dare I say that at $1500 that seems reasonable. If you have a PowerTap, you need it on both race and training wheels. This eliminates that. If you have a crank or BB power meter it is a pain to switch bikes. The only downside of this is the transmitter that attaches to the pedal looks a little odd.
There's also the less expensive CycleOps PowerCal option for $200 (which I was fortunate enough to win it at the race planning seminar). It does require calibration using a PowerTap wheel. I've found it to be pretty accurate so far, though I don't have much to compare it to beside the calibration test results I did with the CycleOps rep and the read-outs from a few rides. The calibration read out from the PowerTap and PowerCal were surprisingly similar, though the PowerCal came up as a more "smoothed" line since it's based on averages.
There are a few limitations of the device that are obvious, specifically that you won't always get an accurate reading in some cases such as short/ high intensity intervals (when your HR spikes quickly) like on hills. Also you have to recalibrate (with the PowerTap wheel) from time to time to account for your fitness improvements. But for sustained efforts (such as longer intervals for TT/triathlon), it seems to be pretty accurate for what I need it for.
Steve - a powertap on a regular training wheel just needs a $100 cover to turn into a disc. These perform nearly as well as the Sub-9s out there for 1/3 the price, and you'll use it more. If you have multiple bikes, I think a powertap + cover is a better training/racing option if you're only going to buy one powermeter.
The tri BIKE that I'm riding now, costs less than $1500 :)
My tuition at the University of Md at College Park was $998 per semester back in the days ... man I'm getting old.