We use a Sunny B1913, it's belt drive, has a beefy 44 lb flywheel (bike itself is ~130 lbs), great components, magnetic micro-adjustable resistance, comes with device stand / bars, it has 4 way adjustable seat and bars, SPD clips right out of the box. Scored it for ~$650 delivered from Dick's, added a Wahoo Cadence sensor, still under $700. It also has it's own simple computer to record cadence, distance, etc., so you can also just jump on and do a workout without an app at all.
The Peloton App subscription is $13/month, if you're into being ranked / called out, it doesn't really support that,
we are not at all. However, you're still part of the ride, so you can do live, recorded, download rides, plus all the other workouts, all available for that $13.
The app integrated nicely with iPhone/Watch, we can use our iPad Pro, or we also mounted a 43" TV in the upstairs office/workout room, so that's fun for the bike too, especially for free ride type app.
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The Peloton App on an iPhone + the matching app on a Apple Watch, all connected through the Health app, the watch provides real time heart rate to Peloton, and as mentioned, the Wahoo sensors provide cadence. Then we AirPlay the app the new TV/ATV setup right in front of the bike!
Peloton App left, Apple Workout (all linked through Health), on the right.