I like mine a lot. Even though I only do about 20Watt hours into my 12v batts each day, it is still very good incentive for doing some basic excercise which I need.
You can do what you say by making your own 3-phase dual rotor alternator, but I wouldn't go spend 500 bucks to make a super efficient awesome DIRECT DRIVE alternator (BIG magnets) just to get an extra 30 watts for your efforts. It just don't seem worth it.
BUT, if you made a decent mid-size alternator and Geared it up to speed, then it wouldn't cost as much and the efficiency would still be very good for the efforts.
Of course, a higher amp DC Motor seems to do the same thing for that application -- but is way easier since you don't have to make it from scratch.
The Ped-gen is well worth it I think, but primarily as incentive for excersise instead of power production. But when you think of it, it is amazing, because instead of wasting 800 Watts on a Treadmill walker, you can actually GENERATE 60-100watts to be used for hours of lighting later each day.
And the Ped-gen is WAY easier on your knees and ankles.
I think a very sturdy and comfortable CHAIR is the best set-up for excellent, easy leg leverage. But thats just me.