The CSC bike racing team is providing fans the ability to track the status of its drivers in real-time via a web-based application. Interestingly, they're not using GPS, but rather are utilizing extremely small and light phone-like devices that leverage existing wireless networks to achieve a much more precise location than is possible with GPS.
If they could market this system at an affordable price, I think there would definitely be a market. I, for one, quite regularly bike dozens of miles from home, often via various dedicated trails for which there are no conventional road markings nor easy access. It would be nice to know if something really bad happened to me way out in the boonies a device would be able to show people where I was.