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Taga is now coming out with a new version of its bike, through a Kickstarter project. Looks like it no longer converts into a stroller, but it will be a lot less expensive:
Taga 2.0 - The Ultimate,...

Here's the website for the product: Taga - the original bike stroller. Looks interesting if you live in a relatively flat area. But not something I'd be eager to spend $1495 on.