smokeAndMirrors

Or you could place a fan in front of the bike and let it blow however fast you want to simulate the constant of wind. :)

As someone who hates exercising, I found myself compelled to return to stroll around new virtual worlds. That said, a proper game is always going to be more interesting ;)

There's no reason this has to be strapped to your face. You could build for a tablet and mount it as your dash. I'm sure this has been done to death already

The benefit of taping a piece of paper to the wheel is that you could apply the same technique to something like a treadmill where you wouldn't want a magnet to be traveling along with the tread. The benefit of Arduino is lack of OS overhead/risk.

That sounds awesome! Any visual evidence of the project?

This.

I can assure you the number of false positives you get will make the experience the opposite of immersive. (I've tried)

Adding steering is a logical next step. Meter the steering wheel's rotation, map it to the camera.

I've heard several recommendations to integrate this with Streetview, but IMO the resolution necessary for moving in small increments isn't there. It's much better served with a 3D environment.

Valid point, but the reason why I didn't factor in the cost of the smartphone is because I am assuming the vast majority of the intended audience already owns a smartphone. A Macbook is not required to develop for Arduino + Unity. Any cheap PC will do.