The Peloton indoor bicycle, with its live-streaming and on-demand classes, costs roughly $3,000 for the first year and nearly $500 each year thereafter. We spent about 20 hours reading existing reviews, recruited five enthusiastic testers to review a dozen classes in a week’s time, and crunched all sorts of numbers. Our determination: It’s excellent equipment overall, and for the cycling devotee, possibly a good value or even a bargain. Still, you have to make and enforce your own good habits. And if you stop paying the nearly $40 monthly membership fee, the bike becomes a shadow of its former self, with significantly limited functionality.