Hrm, I was thinking the same thing. I talked to my LBS about getting a coaster brake hub and building up a 700c wheel around it for cruising in the city but this idea looks great to me. Especially for the winter, a sealed hub with 3 speeds would be just about perfect.

The Redcay looks great, the lugless seat cluster is sweet, I didn't realize that this was being done in 1977. I am suprised it wasn't more popular, it is very nice.