That Michelin wheel is sweet. Integrated everything, no pneumatic failures possible. Similar to what NASA does for Mars crawlers, right?
Amen NURB - there’s no good reason to do it. People who assume they are going to improve on the wheel are most of the time smoking crack. The same people say that you can generate enough electricity from pedaling to plug into your home and keep the lights on.
The Core77 front page bike is a heck of a surfacing job, and great render, but little-to-no reality. Call it science fiction, put it on Caprica, and I won’t care as much.
Here’s another one from today: http://www.yankodesign.com/2010/03/11/advance-carbon-fiber-electric-bike/
To be on-topic, it isn’t hubless, but the designer says its a motorcycle that transfers power from axle to rear wheel by means of electrically conductive carbon, via that rear shaft. What??? 
And this gem, which won several design awards. The presentation is totally sweet, as you would expect from RCA. The ideas are from the mayor of Crackheadville. Folded bikes collecting wind energy by blowing in the breeze? Why not propose nuclear cold fusion, dude?
http://martenwallgren.blogspot.com/2009/06/winner-seymourpowell-award-for.html