Cerevellum Bike Computer Prototype
The Cerevellum is a bicycle multi-function system, built around a proprietary central "head-unit" that includes a video-capable screen. While modules that monitor heart rate and deliver GPS functionality are planned, the primary feature is the "Hindsight," a rear-facing camera that mounts on the seat post to give the rider a clear view behind. I'm pretty sure that is intended to be in the main package, but considering this unit is still in prototype phase, it'll probably be a while before we know any firm details.
Product Page [Cerevellum via Gadget Lab via Bicycle Design]

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This... is overkill. GPS and heartrate should have been the first things that they came up with; a standard "dentist mirror" helmet mounted rear view mirror is more practical than a little video camera. I can't imagine that this get-up will cost less than my bicycle.
I am an avid rider who started riding with a mirror for increased safety and stopped because it was terribly problematic. I am also a retired baby boomer who got in to the retail bike business after retirement. This is a great product that will have an excellent market potential for a certain bicycle enthusiast market segment. Price point will have to be in the $350 range for the basic module with hindsight and then up for other modules. A good wireless computer with cadence sells for about $200, Garmins GPS based Edge computer with cadence and a lot of training aids is about 300, so add a huge safety feature and the sale value is in the $350 to $400 range, in my view. I am very impressed and wish I had done it.
The problem with any "backwards vision" device is that a bike is bouncy! Of course your head is bouncing, but your perception corrects for that. Not so for a mirror or camera, because your ears don't perceive their bouncing.
Just turn your head, and use your ears.
Check out this brand new digital bicycle rear-view patent (20080239080):
It claims: A rear vision system for providing a rider of a vehicle with an image of the view behind his vehicle independent of the rider's head position, said system comprising;a video camera mounted to the vehicle and aimed at the vehicle's rear view;a display, connected to the video camera for showing the live output video signal of the video camera, and worn on the rider's head at a position visible to the rider;whereby the rider can safely and easily check his rear view at any head position.
http://www.pat2pdf.org/patents/pat20080239080.pdf
http://appft1.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-bool.html&r=1&f=G&l=50&co1=AND&d=PG01&s1=moscato&OS=moscato&RS=moscato