Kind of neat... but not sure how a "bending bike" would be advantagous. Even if you wrap it around a tree (as pictured), it still needs to be locked. Seems easier (and faster) just to whip out a traditional bike lock...
I don't think the bending is any advantage when locking it up. Folding bikes (with a hinge) are fairly expensive, and their main supporters seem to like how they fit in a car trunk or apartment/dorm easier than a full size non-folding bike. Also easier to carry up stairs. If someone could afford a plane or a boat, I'm sure they would get one of the nicer folders, but I'm sure someone will sell a few of these.