I am skeptical, mainly because I think the ride quality would be shit, but I'd be willing to give one a test ride. That site doesn't include many specifics, like what the hub and bottom bracket (or whatever equivalent) are made of. What allows them to spin freely? Can they be serviced? Is this just a throw away bike that once the components wear out it is trash?
More information has been released since then. We still don't know what he's using for the moving parts because his patents are pending, but retailing for $20 versus the $60 or 90 in the first article is going to change the game. The bikes don't need to be serviced, but they are trashed when they wear out. The ride is stiff but it's serviceable. Plus, the inventor's plans have gotten broader since then, since he's developed the idea a little more.