The video was created by YouTube user TheManimation as part of their third year CSM dissertation on using early and basic forms of animation in modern design. They’ve essentially turned a bike wheel into a Zoetrope or Praxinoscope, except that instead of looking through a thin slit to reveal the animation, you need to look through a video camera with an electronic shutter.
So while it makes for a clever way to film real-time animations, it’s useless as a way to pimp your ride. Unless all of your friends have cameras strapped to their heads, and I’m pretty sure only mine do. [YouTube]