Treadle bikes are nothing new and even predate the linked chain's adoption in cycling. They are neat, though.

That's known as a "treadle drive". Go back and look at all of the versions of that tried in the 1800s during the initial "bike boom".

Here's the thing...a crankset is doing basically the same thing (i.e. converting the largely linear extension of the legs into rotary motion), but doing so in a much more efficient manner, and in a way that more closely mimics a runners gait than a treadle. Additionally, treadles have the "deadspot" issue for starting up.

Anyway, nothing new under the sun...and didn't Obree use something similar in his land speed record attempt vehicle?

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http://bikeblather.blogspot.com/

Oh yeah, derp. I knew that looked very familiar. I agree; anything that mimics running *should* be more efficient. Although at higher speeds, better aerodynamics might come into play.