This is one of a small fleet of GPS and cameraphone equipped bicycles that Flickr has deployed in select cities around the world. It’s purple, solar powered, pedal powered, GPS powered and it probably needs a little basket with a bow to complete the girl’s bike look. The bikes have handlebar-mounted cameraphones (Nokia N95s, based on the metadata in the Flickr photos) that will snap a shot every 60 seconds while the bike is in motion. Then the photos get uploaded with the geodata, to a special Flickr account.
I have no idea what the purpose is, other then publicity. I suppose they could partner with Nokia etc and start selling these bikes. They are likely to be a nice collectible in a few years, so if you have one keep it safe. And try not to get into too much trouble snapping pics of drug dealers and uploading them.