How about a closer (sepia-toned) look?
No chain. Yes, this is one of those rare shaft-driven bicycles.
Shaft-driven bicycles have been around since the late 1800's, but they have never been a threat to the chain-driven bicycles we all know and love.
After seeing it, I had to wonder what the benefits and disadvantages of a shaft-driven bike are. Seeing as I have never ridden one, this is purely speculation on my part.
The benefits I can see would be less maintenance due to the sealed mechanism of the shaft, and a dirt-free operation. Disadvantages would be increased weight over a chain-driven bicycle, and I would assume it would be less efficient. Checking with the repositority of all cycling knowledge - Sheldon Brown's website - gave similar answers.
I'm a huge fan of quirky and unusual bicycles, so I enjoy seeing something like this out on the roads.
btw, if you are interested, the brand is Dynamic.