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Bicycles and smartphones pair well together. With your phone, you can listen to music, track your distance or pull up a GPS map while you bike; the only problem, though, is finding a decent way to do so. You can always try to awkwardly hold your phone with your free hand while you pedal, but really, that's just asking for an accident -- or a dropped phone.
GoRide is a bike mount specifically designed for the iPhone. The small, two-ounce case clips directly to the handlebars of your bike. It can be mounted either vertically or horizontally, giving you front row access to your phone while you ride.
At the moment, it only supports the iPhone 3G/3GS.