Actually, it's a bicycle cyclometer. The wheel pickup reads in kph or mph and is diameter adjustable (usually infinitely so) to get a correct reading with any tire and wheel. The second pickup reads directly in RPM and displays crank cadence.
Cateye is one popular brand. The current hot ticket is a cyclometer that does these usual things and also has a torque sensor in the rear hub. There's enough brains in the cyclometer to do the math against wheel RPM and get instantaneous power output in Watts. There's also recording functions, of course. Very convenient for training purposes.