Fitness product company Peloton Interactive (NASDAQ: PTON) tends to elicit strong opinions among investors who either celebrate it as an innovative replacement for gym memberships or condemn it as another health fad like the Bowflex and Tae Bo from years past. For the naysayers, thinking of Peloton as the company that offers the "bike with an iPad strapped to it" is just not telling the whole story. At the same time, don't make the mistake of entirely dismissing the importance of Peloton's hardware.