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No, the new one is a stand alone device similar to Garmins alternatives. Theres a first look on rainmaker. Comes with worldwide osm maps.
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"With the ELEMNT you do have to plan ahead a bit on where you’re going, as you can’t just do it on the fly – such as entering an address. The ELEMNT gives you a breadcrumb trail to follow, and then notifies you if you’re off-course. It also will give you turn by turn navigation for apps/routes that support it."
So, it could be useful for audax but less useful if you need to find a bike shop, or want to detour to a town or Services or something along the way.
Wahoo devices require a phone though, right? That's not quite so useful for me. I'd prefer to keep the phone juiced up and have something weatherproof out front (perhaps a second phone though?)