Well, I think I've reached a milestone.
Three times I've been able to rebuild and/or replicate my setup in the span of about two hours. It works on Linux, Mac OS X, and Windows (mostly). While it's not the most user friendly, it's educational, and pretty cheap to implement (compared to gym memberships, new and expensive intelligent exercise equipment, or a personal trainer). Most homes in the U.S. (or every house I've been into in the last 5+ years) have larger LCD screens to view things, some have spare/old computers that can play movies, and have equipment that, if you can glue something to it, it will most likely apply pretty well to the exercise.
There may be some philosophical problems with the idea, though, which may speak to why I've only had a few people show interest in the project (either on idkfa, or elsewhere).
First, it's something you do alone. My original exercise, cycling, is by nature a solitary act (you usually aren't talking or cooperating with somebody in order to succeed at biking). Combining biking alone with TV as entertainment doesn't exactly engender the same feeling as just watching television. Just watching television, or a movie, or a show, is intended to be a relaxing act. Having to ride the exercise bike while doing it would potentially take your attention away from the show, in addition to providing none of the social elements usually associated with sports or exercise.
Second, trying to ride the bike while you're watching with someone else has the added anxiety of going fast enough to keep up with the show so as to not disappoint the other viewer. There's also the added annoyance of the noise of the bike, and the person you're watching with cheering/jeering you on.
Third, if you look at a cyclist chugging up a hill, you never look at them and say "That looks like fun." You instead make fun of their bike shorts, and wonder how much their ass hurts, and then make a joke about Lance Armstrong having one testicle. I bike because it's good exercise, it's a great way to be nowhere, and because I have stupid ankles. I enjoy it a lot, but I'm also a loner who tinkers in his basement and writes about it on his website (which he also built).
My point is: there is no inherent "cool" here with this project. There's momentary novelty, followed by the realization that you will still be spending hours on an exercise bike. That the evil machine will keep you on it while you're trying to catch the latest episode of Biggest Loser is not a plus for most people.
Anyhow. It works for me, I guess. Keeps me going when nothing else does. According to the logs I've taken, I've traveled 182 miles since August (based on the radius of my exercise bike wheel), in the span of 26 hours.
If you perhaps wonder why I have not kept up with any given show, just remember that my TV watching has consequences. Otherwise, I'll trouble you no more with development updates.