Oooo... freaky mp.
I've heard that the Edge 305 is much more accurate vs. the Forerunner for elevation. But - even the Edge has its idiosyncrasies - like and out and back route showing different start and end elevations when you are in the same place. Overall, it's been pretty good.
I didn't think you could put wheel sensors on more than one bike. I currently use my Edge 305 on 3 bikes - the road, the commuter, and the mtb. I have the sensor only on the road (plus the cadence pickup). I would think if you DID have two sensors, you would need to switch the bikes tracked, so it could auto-sense the proper wheel. Or, maybe since it's automatic, it wouldn't matter? Not switching the bike would not really alter key metrics like speed or distance, since that would be tracked off the satellites, whether you had the sensor or not.
2007 Seven ID8 - Bontrager InForm
2003 Klein Palomino - Terry Firefly (?)
2010 Seven Cafe Racer - Bontrager InForm
2008 Cervelo P2C - Adamo Prologue Saddle