I almost got one for myself. I'm 35, and was asking me wife if she'd buy me that "Schwinn from Kmart". She liked it too, so it would have been a sure thing, but they left very little room for any kind of custom mods. I love the back wheel, but it can't be laced to any other hub. Little kids don't care, but to a big kid, it was kind of a letdown. I'll have to build a few myself instead.
Your nephew is lucky to have such a cool aunty.