Traditional power meters are mounted on just one bike, limiting their use to that particular vehicle. Such is not the case with the cleat-integrated CycloWatt, however, which can be used with as many road bikes as you can lay your hands on.
Currently the subject of a Kickstarter campaign, the CycloWatt is made by a Swiss startup of the same name.
And yes, the non-recessed device does indeed protrude out from the bottom of the shoe, so it's intended for use with road bike shoes and pedals only. It's available in both SPD-SL and Look Kéo formats. It is fairly thick in its present form, but the designers say that can be compensated for by adjusting saddle height. Additionally, plans call for the production model to be thinner.
The CycloWatt package consists of two 45-gram (1.6-oz) cleats, only one of which contains the actual power meter module. That sealed splash-proof unit transmits power data via Bluetooth or ANT+ to the user's smartphone or cycling computer as they ride, and is reportedly compatible with all popular training platforms. It's said to deliver ±3% accuracy in "real riding conditions."
A single one-hour charge of the lithium-polymer battery is claimed to be good for up to 24 hours of active riding time. And importantly, when the cleat that houses the power meter wears out, the meter can be removed for reuse and the cleat can be replaced.
Assuming the CycloWatt's Kickstarter is successful, a pledge of 169 Swiss francs (about US$216) will get you a setup of your own. The planned retail price is 219 francs ($280).
Hopefully it will fare better than the STYX Powermeter, another crowdfunded cleat-integrated power meter that never reached production.
Sources: Kickstarter, CycloWatt