To begin, I must let you know that I LOVE bike tours. You get some exercise (although it isn't strenuous), you learn a little about the city (often times more than a guidebook can give you), you see some areas that you couldn't cover on foot, and you meet some great people!
We took this tour for those reasons and were satisfied by all. But be prepared! Rain is common in Flanders and you may end up biking in a downpour! We had the pleasure of this experience, but were glad that the tour motivated us, otherwise we think we would have sat in the hostel waiting for the rain to die down (which it didn't for several hours). It is on this laid back tour that you will have the opportunity to explore the historic sites of the city with all the history right at your disposal from the guide.
Quasimodo Tours offers other bike tours:
Bruges by Night
Border by Bike - a 25km to 30km tour to the Dutch border
Quasimodo Tours offers bus tours, too:
Flanders Fields - the infamous battlefields of the 'Great War'
Triple Treat - Lovely tour of Flemish countryside while stopping for the treats of Belgium: waffles, chocolate, and beer!