makbike,
You've got it right! However, don't forget that your intensity on the bike may change the number of points you earn to eat. If your hour is an all-out hammer fest, then you may earn 4-6 pts. On average I burn about 400-500 calories per hour on the bike, so that would be 4-5 points extra (I weigh 140 lbs- obviously if you weigh more you'll burn more and if you weigh less you'll burn less). Don't cheat yourself by not allowing yourself enough points for exercise. You burn those calories, and your body needs to replace them with good quality food. If your intensity is light, I would give yourself 2 pts per hour, but if it's harder I would allow more. The way the WW system works is 1 food pt = 50-75 calories, but activity points are 100 cal. burned= 1 pt earned. Therefore, even if you overestimate a little, you should still be ok. (sorry if that was very confusing )
Have fun!