SML has outfitted bicycle wheels with a system of LEDs that can actually output a digital picture (it will accept bitmap files) by using the special Anipov software. Masaaki Ikegame gave a quick demo showing an assortment of images and animations, including one of the iconic Hatsune Miku.
Powered by batteries the Anipov LED system is not fully waterproof, although a transparent wheel cover is one possible work-around for those eager to take their bicycle light show out on wet reflective streets.
Suns & Moon Laboratory were selling a number of kits at Make for JPY15000 (or about US$165). For those who missed out, you can still order a few different variants of the LED system via the IKEL online shop (Japanese).
For a quick demo of how the Anipov LED system looks in action, check out the the demo that they gave us in the video below.