Have you searched this forum for VFF yet? I started a thread a little over a year ago. My
last post there is here.
I am due for an update but bottom line I love my VFF shoes. I still have my original pair of KSOs and they show little wear. I am running about 2-3 miles 3-4x a week in them on a variety of surfaces. I also wear them in the gym and around town. I purchased another pair of green/gray KSOs but my son (15 yr old) has claimed them and runs with them as well.
I don't see how these shoes will work for cycling - unless you are talking about cruising the beach boardwalk. Any serious cycling demands a hard sole shoe.
My advice is to visit a local retailer who carries VFF and try a couple models on. I hear that KSO fit slightly larger than Bikila or the Komodosports. Vibram has released a few new models so I would hit up the following sites for reviews and user feedback.
Birthday shoes MyFiveFingers
The entire minimalist shoe market has exploded with nearly all major brands offering some sort of zero lift shoe. So in that regard you are not limited to Vibrams. I hear the NB Minimus line is excellent if you want a more traditional looking shoe.
Con's to the VFF are smell - I soak them in white vinegar/water before they go in washing machine weekly. This can be avoided by wearing toe socks but I prefer to not wear them. It's been my experience that most people seem intrigued by my VFF and ask where they can get a pair. The VFF shoes go on sale every other month so watch out for that. Avoid buying on Ebay unless you have no problems supporting the Chinese black market.
Remember to take it slowly and let your feet adjust. Good luck.