I have a Cycleops Mag, pretty basic but does the job.
I would suggest that you have a training wheel otherwise you are going to go through your race tyres in short fashion.
I know some people have DVDs, watch TV or listen to music to break the boredom - or you could dress an inflatable doll in cycle gear and put it on a bike in front of you then you can have a pursuit - woops sorry wrong forum
Used to do spin classes in my old gym, the instructor was a cyclist so no handlebar pushup nonsense, lots of high resistance, some sprints but most in max effort at 60-90 rpm. Would then follow immediately with a a 5K treadmill run so got a brick session in as well.