In other words, I would want to be able to be in an arbitrary location and tell the device that I want to go to a specific destination (by entering an address or town name) and it would calculate a route from where I am to that destination and ideally re-calculate if I went off-course.
From researching such devices, it seems that you need to prepare the routes at home and then physically copy them to the device, or download it through an app onto the device. I could cope with having to use a smart phone to create the route (by specifying a destination) and transfer that the GPS device, but I want to be able to do this out on the road.
I do not have any experience at all with any bike GPS devices other than just purely to tell me speed (presumably all bike GPS devices can display the current speed). I only have experience with car sat-nav systems and the above is how they work.