Yes it does. I've checked the downloaded the iMapmyride software and checked the speed in my car and against my Garmin 305, and it works well. The biggest limitation there is the software. And, this would be nearly as functional than strapping a $600 Garmin 705 to my $9,000 bike. Speak not about what you don't know.
I'll never understand why people who are fond of labeling anyone who appreciates some of the products and software that Apple makes as fanboys come here to waste their time slamming those who might be interested in new offerings, seeking advise from those who have such products, or providing advice to those for those seeking it. It's insulting and rude to claim that anyone who appreciates Apple products only does so out of some herd mentality, but maybe that is why they come here, out of finding satisfaction out of being rude.