There are some user comments on iBike in this Weight Weenies thread. The consensus seems to be that it's a pretty good device, with a lot of potential. There is some question as to its absolute accuracy, but how often does someone need to know exactly the power they're producing? Its relative accuracy seems to be fine, which is probably all that matters. After all, for training what you want to see is how you're improving or not improving relative to a previous condition.
If iBike has any problem it's that you can lose readout on roads that exceed a certain bumpiness. This is to be expected, though, given that the unit relies, in part, on the use of accelerometers. According to the users, it doesn't lose signal that often.
As a first iteration, it seems as though the iBike guys did a nice job, especially given how relatively cheap the unit is. I suspect follow on units will be even better and that they'll fix the accelerometer issue on bumpy roads with either a hardware fix or some sort of signal damping via software.
iBike definitely gets an A+ for innovation.