Forget Bikely for creating routes, GPSies is where it's at..
If you're creating your own routes, then I'd suggest having a look at
GPSies.com. Way better than Bikely, particuarly as it has an undo function which means if you mess up on a click or two you can just as quickly go back. Unlike Bikely which frustrated me no end and also did it's fair share of freezing up on me.
GPSies is (i think) a German site with loads of smart tools available. Brilliant conversion tool that allows conversion of a route into another format to suit your particular needs as well as heaps of other bits. Anyone with an iPhone should check out the 'app' they offer as well. Not that I've got one, but it apparantly turns your phone into a GPS tracker and allows you to download your route plus all it's info once you get back.
Can't say how accurate it's altitude profiles are, but I would suggest that might be something to do with Google Maps rather than Bikely. GPSies allows you to choose from a variety of map providers so you might find another is more on the money perhaps??
Bikely is great for downloading and sharing routes with others, huge number particuarly in the UK. Routes created on GPSies.com can be uploaded on Bikely. But then it too has a large selection of rides from users. I personally don't use any other site for either up or downloading. Go to it.