Hate to tell you, but this is old news. Billy Lane has now built 3 "hubless" bikes. Amen Choppers also built one, and its been done on a car now that was at Sema last year. I actually started building one myself, and have the wheel finished with no drive system. Expensive bearings.
But saying that its hubless is actual not true. Its really a very large hub with a large, hollow axle.