OK, well here's a considerably less expensive alternative: POV Spoke lights: www.ladyada.net/make/spokepov/

It comes as a kit and you solder the parts onto the circuit board yourself. I had these on my bike last year and they looked fantastic... while they worked. I got the extra-bright blue LEDs and they were insanely bright - at night they almost hurt to look at.

The big problem is that the POV circuit boards get encrusted in playa dust in no time, and they start pooping out. I had three boards in my front wheel (more boards means a stable image at lower speeds). By the second night one of the boards stopped working, and by the third night I was down to one board and ended up taking them off the bicycle. When I got home I cleaned them in 99% alcohol and they are working again. So I need to see if there's some sort of clear silicon goo or something I can coat the boards in.

Also, they have an option for four-frame animation, but I found that the animation does not work all that well and isn't worth the extra money, IMHO.