I saw a video of a prototype in action. The virtual bike lane was visible but it was not overwhelming. Not to mention that I was actually looking for it, as opposed to drivers who nearly have to be hit over the head to notice you. It sounded as though battery life was about 3 hours. Which doesn't sound all that bad until you realize that a serious rider would have to replace them about every day.
It's a nice idea but it looks like it's maybe not quite up to real world conditions.