Well scuba, there are some very serious reasons that it will not work. First of all, the new bicycles are for sure made to go very fast but hey, it’s just a bicycle. So the counters are made to have good reading from 0 to 100 (!!!!!! What a bicycle) kms for example. You need to have good readings over 160Km (or maybe more)
Then it is the magnet pickup. It is just a lousy metallic contact that the magnet will actuate if it is near by it. But if you get it on your hands and start moving it very fast left and right, you will get some speed readings that are caused from the vibrations. Thus, if you put it on your bike and ride on road with stones, you may get a reading like 300km/h ! This will not be true of course.
To increase the quality of readings, you need to split the wheel to as many points as possible. Using one magnet, you divide the circle by 1. Using 2, you divide it by two, getting a better reading. But because you have to do with mechanical contacts, you cannot have many magnets (for better accuracy) because if you run fast and you have for example 3 magnets, the contacts will not have time to go from on to off and then back on as the wheel will rotate really fast on 80 or 100 or 120km/h. So, no accuracy.
Finally, I must admit that I have test it on my bike and, man, is it a failure or what! On road you may get some readings up to 100km/p. Up to 120-130 you have a great error (according to another bike that was riding near by me). After 130Km/h this gadget pops! It shows 60, 100, 5, 200, 100 all numbers! Forget it.