What I find funny about graphene is that it was thought to be unstable at ambient conditions. People spent millions of dollars trying extremely complex ways to create it, all which failed. The final method to create it was to take a piece of scotch tape, put it on a piece of graphite, then pull it off.

Granted you can't just take a piece of pencil lead and do that, but it is kind of funny how such a simple method created something so unique.

Now for how it applies to bikes: Pretty much not at all. Considering it is only a single "sheet" of graphite (look at graphites structure if you don't know what I'm talking about) I can't really see a good way to make it useful as a structural material. It's main novel property is that it has extremely good electron mobility in 2 dimensions. In fact, most, if not all conducting polymers are based on the graphene structure in some way. It might eventually replace silicon for transitors, which could result in faster computers. Also, because it is transparent it could find uses in screens, light panels, and solar cells.

But then again, what do I know.