Hub motors have their appeal, but personally I think this is a much better setup. An RC motor has way more power than most unmodified hub motors. You also have the advantage of multiple gears with this setup, which is awesome for climbing extremely steep hills or just riding at peak efficiency. Flying down the street shifting though the gears like an F1 driver would be sooo sick!
If I had access to the tools and had the skills to build an RC bike I would be all over it.