Very interesting. Would be a good candidate for a solid tyre rather than sticking the valve out the side as he said. I do wonder though if any rim would actually hold up in use. A regular wheel is stressed from all points of the rim at once not just the bottom. I'd like to see a finished bike with that system. I suspect it's not going to hold up and of course rim brakes only.
The "hubless" motorcycle wheels I have seen use a bearing race so the force is spread over a large enough area. A kind of demi circular linear bearing.
But except looking very cool, there is no advantage to it. It's heavier than a normal hub wheel, so no gain there. It takes more precise engineering, so it isn't cheaper at all. And it can't take dirt as well as a normal bearing with lipseal or simular. So it's maintenance heavy.