The obvious question is, how easy is it to remove the pedal stem, discard it, and swipe the bike? Although I really like the design, it may not match more traditional looking bicycles, and because the peddles are so distinct word will get around, and thieves will know to remove them. A far better approach, in my view, would have been to hide a tracker somewhere in frame of the bike, so it would be impossible to know if the bike was being tracked.
The second issue I have is that most people these days carry around activity tracking and cycling apps on their smartphones and/or smartwatch. Why, therefore, would they need a dedicated tracker for their bike? Regardless of what I think, it looks like others are keen to get their hands on one. The company's Indiegogo campaign, launched today, is going great. It looks like Connected Cycle will have no difficulty reaching its funding goal. I can see this product really appealing with the Hipster crowd, so don't be surprised if you see Fixies all around town sporting smart pedals.
If you want to join the cool kids, head over to Indiegogo and pre-order a pair. They cost $149 (£98), RRP will be $220 (£145). The estimated shipping date is December 2015, and International shipping will be offered for $15 (£10). According to the campaign small print, the device only works in the UE, US, Israel, China, Russia. I assume by UE, they mean EU.