As Nintendo CEO Satoru Iwata explained in a Wii Fit U Direct this morning (everybody gets a Direct nowadays), the Fit Meter is more than a pedometer. It is described as an activity meter, not only recording steps, but the intensity of activity and even elevation.
The Fit Meter is priced at $20 and will also be available November 1. Once the unit is synced with Wii Fit U, living room athletes will have access to it forever. Wii Fit U will also be available at retail in a "package" beginning December 13, and as a full game download through the eShop on February 1, 2014.