This question considers only short-ride (10-20 km) workouts.
After trying single-speed riding, I'm questioning the value of working out using a derailleur-equipped bicycle.
Having access to a derailleur makes me
- remain in almost exactly the same cadence (85-90),
- produce what is likely almost exactly the same power, and
- with little variation in my heartbeat (since on a short ride I go all out from beginning to end),
- plus my leg muscles remain in the same "stretch zone" (I am seated throughout).
On a single-speed
- my cadence changes from the minimal needed to remain balanced (40-60) to a furious 120 on descents.
- The pressure I put on pedals is either the most I can produce, or it's trivial.
- My heartbeat is either at my upper limit, or I am resting because I give up pedaling on downhills while I'm unable to keep up with the speed.
- My legs are either taking a break, or I have to stand to push hard enough on the climbs.
Something else makes single speed very attractive. Cycling is inherently a leg workout. I normally have to supplement it with some upper body workout. On a single speed I am wrestling with the handlebar and frame, and can subsequently feel the tension and improved tone.
Does riding a single-speed provide a superior workout?
The one factor that ultimately matters is the average speed. On my standard 10 to 20 km rides, my average speed using a single-speed is higher (not by much, just ~2 kph, but higher nevertheless) than when shifting, which I tend to do often. I am puzzled at this increase in average speed, and am still trying to figure out how to analyze rides to determine whether the rests I take downhills and the intensity I put on climbs is the cause (to quote the refrain: "races are won on the climbs").
If you've read all the way to here, plan to contribute an answer, and can suggest ways to achieve the same average speed using a derailleur-equipped bike (relax more on descents?; save the energy for the climbs?; ...?), please do.
Clarification (edit 1)
The "single-speed" is actually the same bike, and so the experiment is proper — same weight, same friction in the pulleys, etc. A real single speed would have at least one advantage: the chainring and the sprocket would be coplanar.
(It happened by accident. My RD cable was fraying, but I was determined to ride that day with that bike. That's how this single-speed simulation started.)
What makes one workout “superior” to another? (edit 2)
With a car we can reasonably say that one engine is superior to another if it leads to a higher average speed — with the same chassis, driver, and course.
Since on a bike the engine is the human, we can likewise say that the human is becoming a better machine if we set the conditions for a consistently higher average speed — on the same bike and over the same path. An additional point is whether a “better machine” means a “superior workout“. You’re more than welcome to refute this.
Related (edit 3; after reading the many fine answers)
The answer to another question
Why are responses to an attack in a cycling race immediate?
is becoming a lot clearer. If one racer has designed his speed over a stage’s harder climbs, his competitor cannot afford to slack off on any given tough climb. The race may ultimately be determined by whether he does. If he does need to relax at some point, he can choose to just coast on the descents.