What's mechanically-elegant about it? The stem clamps around the steer tube kind of like a glorified hose clamp, and the steer tube has to stick way out of the head tube in order to do it. It's the stem itself that actually holds the front fork in place. Not very elegant in my book. It's like something that some backwards, unsophisticated bush people would come up with. It's not aestethically-pleasing because the head of the bike has to be as big as the whole head tube, kind of like putting a hood ornament on a car that is as wide as the hood itself. It's almost laughable.

It's also complety wrong to say it's new, because it was tried before and discarded at various times in the distant past.