It's actually a very cool idea, and a good mode of transport for those of us who either don't have our own bicycles here, or don't feel the need to futz around with our own bicycles just for getting places on-campus. I left the bike in front of Wilson today while visiting Megan, although I am thinking of riding it further to the Wettaw building so I can get to BIO100L quickly.
My only complaint so far is that the first bike I tried was actually missing its chain and the red sign informing of the purpose of the bike, but I suppose it's to be expected so early in the program, especially with less than 100 bikes in circulation, that some of 'em would develop such problems. The other thing is that they're all used bikes to begin with, so they've got their own problems of various sorts.
It's not perfect, but sometimes, it's more convenient than waiting for a bus, and it's faster than walking up or down Cardiac Hill to get to or from some of the popular South Campus locations, such as the Business, SBS and Engineering buildings.