Set so the light spreads horizontally and angled down a bit it'd make a pretty good bike light - if it was brighter with a longer run time.
It's not something I feel the need to run out and buy, no.The shots of it being used as a bike light seem a pretty bad idea to me as well. I don't know what the rules are in other countries, but here it's considered poor form to shining bright lights into the eyes any oncoming traffic.