It's design for the sake of it. There was some fella with folding wheels a couple of years ago. Tend to be engineering students looking for problems where there aren't any because they're cocky and young - which is all well and good - you need that hunger to become a good designer - but this bike isn't really gonna do it as it does indeed solve some problems but throws twenty new ones into the mix in the process. Way too many fail points in the way the frame is built, there is no drive-train (I appreciate this is a prototype - but how would it ever have one?) and the seatpost is totally non-adjustable. I do however, like the handlebars - but they're made of billet and not something I'd ever see easily transferring into an extruded production version so easily.
Just my 2¢ - thanks for sharing it - it is interesting, even if flawed!