If it's bells and whistles you're after, it's hard to trump this spin bike from CycleOps. The 300PT is the only spin bike to feature the brilliant PowerTap power-measuring hub, giving repeatable, calibrated measurements so you can plot your progress over time.
An HRM strap is included, and the bike will measure cadence and estimate calorie burn as well, with a big, informative display to tell you the numbers and keep time.
The ride position can be finely tuned to match your road iron, with fore/aft and up/down adjustment on the saddle and bars, and the whole thing is superbly built – your first workout will be trying to get it into the house!
The 300PT is bundled with PowerAgent software for PC, Mac and Linux (you can download direct to your computer or buy the optional memory stick) for analysing your workouts in detail. If you like number crunching to be part of your training – and many do – then it's pretty hard to beat. The ride feel is excellent, with the heavy flywheel giving a smooth workout and the micro-adjustable resistance unit capable of some heavy drag if you're training for a big climb.
Considering the PowerTap hub retails at about £800 on its own, the 300PT doesn't seem badly priced, but you can get the hub and a really decent turbo for less than the static bike, and unless you've got a really, really good reason for getting a spin bike, that would be the more versatile solution.
A unit such as the Minoura VFS-GR (£199, Zyro) or even the cheap-but-good Gist Magnetic trainer (£99.99, Bob Elliot Ltd) can take care of the resistance and give a good ride feel, while the Powertap collects the data, and you'll also be able to take your hub out on the road for real-world rides.
But if your gym has forked out for one of these, rejoice: it really is a fantastic bit of kit. At home though, there are cleverer ways to spend the grand that's burning a hole in your pocket.