"Hubless" is word play....it does have a hub, just not in the center of the rim as we are used to seeing. Personally, I see a major safety issue for mass production, road worthy bikes. It's kewl and all, and shows some really imaginative thinking and fab work, but really more suited for show vehicles, imho.
Here's another vid that mostly explains "how it works".
[video]https://www.youtube.com/watch?feature=player_embedded&v=UHoHAmrEbrk[/video]
Sure would make changing rear tires a lot easier, that's fer sher! :yahoo: