I think it would be a great tool for us shade tree mechanics and tuners .
If you have a place to tune your bike where the conditions are the same all the time you can remove as many variables as possible . I can see this working fantastic for upgrades and if the phone app will work while it's in your back pocket , it's truly an " Assdyno " lol.
GPS is scary accurate , I got a Tom Tom 2 Xmas's ago and when I use it for road trips , the posted speed limit is displayed on the screen and when I pass a speed limit sign the tom-tom reacts instantly matching the posted limit and it tells me my exact speed limit and it's matched perfectly to my speedo on the truck . I know it has to be right because when I swapped to 35" tires my speedo was off and had to be re-programmed.
I love my iPhone 4 , Its replaced a ton of stuff in my life .