Interesting (obviously unresolvable) question.
I'll offer a few thoughts, mostly based on previous comments. As background I'm an average club runner and have been an average club cyclist. My wife was a pretty fair collegiate distance runner, took to cycling in grad school and for the last several years has been ranked in the top 10 in the USA. She is obviously much more interesting to discuss than I!
First off, her cycling talent is 100X greater than her running talent. But for coincidences, she could have gone her whole life and never discovered that. That is the same for many individuals and many sports.
Further to this, she is technically and tactically very good. She can drop like a stone on descents, whips through corners and touches the brakes less than anyone I've ridden with. Tactically, well that's a longer discussion which wouldn't be of much interest here.
To race professionally at the highest level she has had to quit her old job (scientist). In the Winter she routinely spends at least 35 hours/week in the saddle. Most of the rest of the time she is either eating or sleeping, I kid you not.
She almost never injured as a runner, but as a pro-cyclist averages about one serious crash/year, along with several others which would make me feel pretty sorry for myself. 5 collar bones, many ribs, several concussions, we buy road rash dressing in bulk, you get the (not pretty) picture.
She is a specialist climber, 5'5", 115 lbs, scrawny as a rat BUT her thighs (and to a lesser extent calfs) are freakin' unbelievably muscular. She naturally has buff pipes for arms, but most cyclists strive for the Tyrannosaurus rex body type (think about it).
Her oxygen transfer is off the scale, but interestingly her lactate clearance is not and neither is her max heart rate. Her resting heart rate fluctuates from 35-45 depending on her level of fatigue.
Generally I find that runners look down on and underestimate the fitness (mental and physical) of cyclists more than the other way round.
Go cheer for her at the World Cup race in Montreal this w/e and Liberty Classic in Philly next w/e.
AD