I've taken my folded Tokyo on the bus, without a whole lot of hassle. One long pootle got TOO long for me, so I found a bus stop for a bus I knew would get me home, folded with a velcro strap to keep it closed, and carried it aboard, no problem. It was non-rush, however, so the bus was fairly empty and I could put the bike in the aisle between the bench seats, leaving plenty of room for other riders. Even in rush hour, I've taken the bike on a bus in its blue IKEA bag, or black canvas cargo bag. Takes no more room than big suitcases I've seen others bring on board.
But I prefer to leave it unfolded and use the bike rack at the front of the bus. The first time I did this was on a Saturday, and the bus driver got out to show me how to secure it - on a regular bike the securing rod goes behind the front wheel, but on mine, it is best to put it on the frame behind the handlebars.