I don't know if anybody else has seen this yet but check this out: Biomega Bike
There is a special Flash page that's accessable from www.puma.com too. Here's the jist:
A single-speed, disk-braked, 24" wheeled bike with slicks. The frame is aluminum, and has the slingshot style cable-as-downtube. BMX handlebars "for upright, head-up position for optimal visibility and navigation". BMX cranks as well. The bike also folds, and the cable/downtube acts as a lock. Seat-tube trunk rack is included. Cost: $775 + $40 shipping, all no-name parts.
Altogether, seems like a pretty cool idea, perfect for the urban hipster. The only complaint I have is the cost, which seems a little much. A 24" cruiser with big bars and a better seat would be basically the same thing, only about $400 less and you have to buy a chain.