Last year, CyFi showed off a wireless bicycle speaker that looked identical to this one.  It required an adapter to plug into your iPod to transmit the signal to the speaker, but then you could control it via the buttons on the unit rather than fumbling for your MP3 player in your pocket.
The big news with this model is that it can wirelessly pickup your music from an iPhone WITHOUT an adapter, streaming your tunes directly from the iPhone.  This creates less “stuff” which is certainly good for the environment and for weight weenies’ issues.  Presumably, it also means the unit draws less power from your iPhone since it doesn’t have to power a bluetooth transmitter.  It even answers your calls if you wish.  Just mount it to your handlebar, crank the volume and ride away.
Hit ‘more’ to see the Red version…
