MPPT on a bicycle generator is a bad idea, I think. The problem is that maximum power is not maximum sustainable power: It just results in rapid depletion of my own power-producing capacity. My heart can only shift blood so fast.
I plan on charging up a battery on Monday while taking a load of measurements, with an aim to improve response time as much as is practical. Better regulation, better transient handling.
I considered the analog(ish) way, Hess's solution, but decided to go with a microcontroller for the flexibility it offers. The low-power-standby mode, for one. That's a nice thing to have. I did experiment a lot with over-complicated feedback algorithms that just didn't work well, before eventually finding the best way was to essentially emulate an error amplifier. I still need to fiddle with the 'gain' on it to find what works best.
I am using a bicycle, but this isn't exclusively a bicycle design. You can hook it up any motive power source you want. I've a friend who is considering connecting an alternator up to a tiny hydroelectric station. They have a creek, and think an old-style wooden water wheel would make a nice ornamental feature, but it should also be good for a hundred watts or so.