This is just too cool to pass up posting about. The people at Calfee Design sell bikes made out of bamboo. I'm a big fan of wood things, particularly if they are finished with only an oil. These bamboo bikes remind me a lot of what a wood bike looks like, but is probably a lot lighter. I'd guess that they actually ride pretty nicely, a little bit of give to dampen vibrations, but stiff enough to transfer power? Sounds like steel, just don't look at the price list!
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On the cool bike front, here is a wooden tandem that looks pretty nice as well. It comes in at a whopping 114 lbs though.