It's a really nifty concept, but the price! However, if you've got who-knows-how-much sunk into the bike to begin with...
GLC: Yeah, I'm taller than you, if I remember correctly, I have a bike that's too long, and it's STILL longer than my top tube!
ETA: Okay, it's not quite as bad as I thought. The "bow" is 23", the locking mechanism adds another inch, but looking at the video it's carried separately. Of course, given my top tube is about 21"...