It is called the ETA (or "Banana Bike") and is being designed by AeroVelo, University of Toronto engineering graduates and students.
These are the same folks that created the award-winning Atlas human-powered helicopter.
The ETA is expected to reach over 87 mph, thereby breaking the human-powered land speed record of 83.1 mph.
The bicycle mechanics are being enclosed in an egg-shaped aerodynamic shell and it will be powered by a single person doing the pedaling.
A combination of the movie Tron and the 1970's sitcom Mork & Mindy, it offers the potential for an environmentally friendly way to get around town and some nice fat-burning exercise too. ;-)
(Source Screenshot: here with attribution to BusinessWeek)