Creating the illusion of biking in the sky

Last Sunday I attended the NYU ITP grad student's open house and came across this marvellously analog project by Marios Diamantis - an upside down bike - check out the video I took from the exhibit below (note that the TV is upside down too and that he's pedaling backwards). Still can't make up my mind whether this is functional or dysfunctional. There is an officially sanctioned video here. Enjoy.