Yikes! Avoid, avoid, avoid.
The concept is kind of neat, but the combination of a gimmicky drive system combined with bottom-drawer components will yield a bike that will only stand up to the lightest use and be unserviceable if something in the drive system screws up.
If you just want to roll around on bike paths, it will probably work. For anything else, it's going to suck. You could get a pretty good used bike or an OK new one for what these things cost. At a minimum, $300+ should get you decent brakes and wheels. Both are lacking on this bike.
This product doesn't seem to offer any advantages over a bike with a chain drive (with chain guard) and an internally geared hub. There will be a lot more friction with this system, as well. A bevel-gear setup is not as mechanically efficient as a chain and cog system. On motorcycles, you only see shaft drives on cruisers for this reason.
How do you plan to use it? For anything more than tooling around the block, this bike isn't going to cut it. If that's all you're looking at it for, then you can get the same quality bike at 1/3rd the price at any full-line bike shop. But please don't buy at a department store - it's not any cheaper, and they don't provide proper setup or service.
Of course, that's just my opinion. I could be wrong.