Yah, I think it is a handlever. Personally I don't think it looks impractical.

A) It allows for toe clips and (single/double) straps therefore you can use regular shoes
B) When clipped in, it would basically be impossible to unclip unless you're doing something radically crazy
C) If you wanted to be clipped in while riding in traffic when you might have to stop at a light, you could clip your non-balancing foot in and when you know you won't have to stop, you can slow down and clip-in the balancing foot.

Maybe I'm way off, but it looks like an attractive option to someone who pushes a really high gear and sometimes (albiet rarely) unclips during sprints and emergency stops.