It weighs 56g, features a 1.9in display and measures time, speed, distance, altitude, slope, heart rate, cadence, temperature and calories burned. There are also interval, workout and basic navigation functions. It's ANT+ compatible, although it doesn't yet seem to be able to measure power.
The Rider 35T comes with a cadence sensor and heart rate monitor strap for £209.99 (£40 cheaper than the RRP for the Garmin 500). If you don't need cadence or heart rate, then the basic Rider 35 ('T' stands for training) costs £139.99. We've been sent one to test by UK importers Zyro and as you can see from the one-take unboxing video below, are positively itching to try it out: