I do not currently own a fitbit, but yes the old ones and the new ones do calculate steps taken as well as other functions.
This one will track, steps taken, calories burned, hours slept, distanced walked, quality of sleep and minutes active. I do not think it is going to help you while riding a bike.
It is waterproof and has a silent wake alarm; I guess it vibrates.
You can set personal goals too. It uses LED lights which are on the band to show you how your day is stacking up against your goal.
It will Sync your stats real-time directly on select iPhone and Android devices and computers so you can see your stats anytime. Also with some Android devices, you can tap your device to launch your Fitbit stats.
You can go to their website to get more info.