More Information here:
http://www.kickstarter.com/projects/1205277475/loopwheels-for-a-smoother-more-comfortable-bicycle
More Information here:
http://www.kickstarter.com/projects/1205277475/loopwheels-for-a-smoother-more-comfortable-bicycle
Smart concept and it seems to work quite well.
My only concern is the rolling resistance: even on a perfectly flat road, the springs will flex continuously, like a tyre actually.
A good suspension combines flexibility and damping (to prevent continuous bouncing), but adding more damping to this system will inevitably increase the rolling resistance