I think this is really neat since it has hubless wheels and it folds down to be really portable. Having regular wheels means it can ride like most bikes.

"The wheels detach and aren't part of the umbrella-sized package ...' So he solves the folding-bikes-have-puny-wheels problem by simply not including them in the package. Well done that man, well done.

How much does it weigh? Does it become a 30lb umbrella?

Very cool. Seriously this is one of the best designs I have seen. How much is the question. I really like some of these concept bikes but the 100K price tag for some of them is not inspiring. More like a crewel joke.

Strangely the video doesn't demonstrate the bike being folded.

I admire the looks and style (Italians...how do they do it!), and the clever wheels. But I don't understand why small wheels need to be avoided. If you pay enough attention to style when designing a small-wheel bike, I am sure it too will look great.

Hard to tell from the pictures but it looks like the rear rim is driven only via friction (ie there is no teeth cut into the inside of the rear rim). How will this perform if the rear rim gets wet (raining, ride through a puddle etc)?
The drive chain also goes very close to the ground, so again if you ride after it has rained the chain is going to get filthy.
Also is this effectively a fixie? Can't see any brakes. If these is only friction between the drive roller and the rim and it is the only way to slow down, then I would be very hesitant to ride it in the wet.

Hubless wheels go back at least thirty years. I remember seeing a Swiss prototype in 1984 in a cycling magazine. It had friction based gear chain drive to the rear wheel, with both rims rolling on three rollers.

Think I shall stick to my Birdy ,,,,

The rims essentially become part of a very large bearing, many problems with friction, even when clean, but open to ingress of ..almost anything from litter, to squirrels, and beyond. Nice looking, tho'.