This is a very interesting app coming soon. I would certainly be interested to give it a whirl.
Mapmyride had a simulator a while ago (not sure if they still do) however being able to see a ride from a real cyclist's perspective is something entirely different. You'd be able to see the important things, like the lane to get in to navigate a busy junction or where to turn to get off-road and on the path.
From what we can gather, it looks as if Bycle is a bike-mount for smartphones, that allows users to follow GPS, as well as record video. This seems like a pretty interesting bicycle-based social network type application.