Hi OP. It's actually a spin bike so a bit different from an exercise bike. You don't just pedal, but you follow a class where the instructor tells you to adjust either the cadence (speed that you pedal) or resistance, for different intervals. There are also intervals out of the saddle. You can do either live classes where all the people on the leader board are also doing it live, or other classes which have already happened, but you can still see on the leader board those who are doing it at the same time or everyone who has ever done it. Gives you competition against others if you want it, or it shows you how you're doing compared to other classes you've done of the same length.
What I love is the variety. There are new classes of all types every day, strength, yoga, cardio, meditation, running, cycling, stretching, walking, etc and you can filter based on length of class, instructor, music, difficulty, etc. There's always something new. You also get loads of stats about how many workouts you've done, calories burned, badges for doing different kinds of rides, etc, and you can do monthly challenges which give you bronze, silver or gold according to how much you do in a month.
It is expensive (we bought the Bike+, but used money from a cancelled holiday) and there is also the monthly cost for the app, so only worth it if you an afford it and will use it, but you can add all members of your household at no extra cost.