The design looks great and I would think it is a good product based on what I can see. I would prefer something that attaches to the front wheel instead of the rear wheel.
There is still time to fund it on kickstarter here:
Revolutionary?
The product is branded as revolutionary on its founding and web page:"Rubbee is a revolutionary electric drive which can be mounted on any bicycle in just a few seconds."This is hardly true, in general, even though that the execution and timing of the product might be better then earlier attempts. (Peak for export oil occured 2004-2005) Comparable helper engines showed up early in the fossile fueil combustion engine era, this one is from 1952:
This image is from http://www.veteranmoppesida.se, see more combustion helper engines for bikes here.
Additionally this project is very close to Sir Clive Sinclair projects "Zeta", there is a lot of similarities. See the patent here EP 1031505 A1.
See also the below images and videos of the Zeta:
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