Nice concept but:
-
The wheels are definitely too small, this can be quite dangerous on badly maintained streets/cycling lanes. The 14" wheels version they are preparing will be more suitable.
-
There are no tyres nor suspensions: no comfort
-
I doubt about the durability of the construction: it puts a lot of stress on the headset. That is probably the reason why you may not sit on the saddle.
-
The riding position: they call it upright biking. It is the least efficient riding position to climb hills, bridges, etc.
In my eyes, it is only a (better?) alternative to a scooter bike.