Its a pretty decent basic unit – its a similar sort of spec to the yellow Etrex, or Geko 201, but smaller/wrist mounted. Its easy to attach to the handlebars with a bit of pipe lagging.
So its fine as a basic cycle computer, plus recording a track for where you have been.
Though I think the GPS receiver is not all that great, so it may be a bit slow to figure out where it is when you switch it on, and could be inaccurate under trees etc. Also it uses a serial port for connecting to a PC, so rather slow for uploading/downloading, and you need s special cable.
The newer Foretrex 301 or 401 improves on these, as it has a much more sensitive GPS receiver, plus uses a standard mini-USB port.