Of course, if you're going to generate cycle power, a recumbent set up would be even better. A comfortable seat means you can keep turning the pedals until your legs give out, rather than until your back/shoulders/bum start to hurt. Plus, you're already in a the perfect position to watch telly, relax, surf on a laptop (given a little shelf over your tummy to put it on...)
Of course for some applications of electricity (for example things using a rotary motion), then cutting out the electric altogether might be better. A rotary whisk works as well as an electric one, it's just a little more effort. Many drilling jobs could be done with a hand drill, and so on. (says she, who got a Dremel for Christmas)
I've always hankered after a pedal powered washing machine. This one is geared to provide a wash cycle and a faster spin cycle. As above, a recumbent position would be nicer. Read a book, while you do the laundry, and keep fit!