I started cycling again (used to as a kid...) some 4 years ago. And while I know there are plenty of super cheap "bicycle computers" I have been thinking of making my own. Thus so far 4 years no speed/mileage indicator for me, obviously. While this may likely remain the case forever I am still thinking about it - not the obvious things like the MCU, display etc., just the rotation sensor. They all use a magnet placed somewhere on one of the wheels and some sensor, I have used a Hall sensor for pretty precise positioning of the rotor of our TLD reader etc., but I only still keep on thinking of making the thing because I imagine it sensing just the spokes, i.e. making some inductive sensor.
I know what I will try out etc., I may even get to designing one before the millennium is over but well, these thoughts seem to be on topic and I am sure there are people with more experience making inductive sensors than I have.
====================================================== Dimiter Popoff, TGI