Switchbike: City Bike and Recumbent in One
Ron de Jong's Switchbike was shown at the Holland Innovation show, although it's not currently in production. By flipping a switch on the handle, it converts quickly from a regular city bike (those sturdy bikes used all across Europe) into a more comfortable recumbent model for longer jaunts.
Switchbike - I Want One [FreshCreation.nl via Gizmodo]

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While it's an impressive bit of engineering, I'm afraid it looks like a poor version of both kinds of bike.
They should prouce those that is very cool.
Sweet! Looks like a chopper in recumbent mode.
this looks good and moreover u can change it according to ur necessity or mood ....good job!!!!
I think it's ripe for refinement and pimping! One could make this into a sick ride with the proper ornamentation/customization. Lotsa chrome and a faux teardrop tank with flame striping? Maybe some woodgrain, brass, and antique gauges? Kidding, but not really.
Bipro ( http://www.bicycledevelopment.com/ ) is a fancier bike similar kind. Bipro can be changed while riding it and has a bit more professional research behind it. I've seen the prototype on a expo and it was as good as the presentation.
oooh the bipro version looks pretty awesome! Did you pick it up? How much do you think it weighs? A dealbreaker for me would be if it was so heavy that it was carry prohibitive.
Something like this would be great for long-distance touring, as long as it was reasonably durable (imagine freaking out a bike repairperson in Nebraska if it broke down).