Pearl Izumi have released quite a nice Lycra cycling bib (sort of combined cycling shorts and, er, "suspenders") which combines my love of gadgetry with my lycra sports kit fetish.
I give you the cycling shorts with integrated MP3 player!
At $500 I think I’d just get myself some regular lycra gear and a Nano…
[http://www.pearlizumi.com/product.php?mode=view&product_id=758231]