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Similar I imagine to the hand held units, only running as an app on the iPhone. The hand held units operate off of an accelerometer as well so I imagine this would be just as accurate/effective for much less cost.
i have done the gps accelerometer app, i think it was called speed. we tested it against my stalker pro radar gun and it was almost dead on. i am addicted to my iphone and cant wait for the new one to come out. still trying to figure out which handlebar mount to get. might wait though cause the new one might take a another style mount.
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