For biking a computer would be a better alternative if you're just looking for speed and distance. The size of a gps unit and the chance of turning it into a worthless hunk of plastic/metal in a crash are just too great for me.
I have a handheld garmin etrex legend which is pretty good. Seems to eat batteries though. I use it boating, hiking, and in my car. It sometimes has spotty reception in the car and on the boat though. It's typically accurate to around 30 to 50 ft. I have definitely found it useful when I had to find an alternate route around a major highway accident.
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