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Is this indulgent madness?
No. They are excellent for the reasons you've said. With one there is no reason not to ride everywhere - also what @Dom said.
I would have got a S for myself only, but got an M for more sit-up-n-beg position for the missus to use as well. 2 speed is fine for general London's famous London riding and 1/2 kg lighter.
villa-ru
I am thinking of getting one on the cyclescheme and having it as my main bike. I don't really do multi modal transport except for the odd occasion but the convenience of being able to take it in places, fold it up and put it in a supermarket trolley and simple front bag options appeal to me. Is this indulgent madness?
Also s type, m type, 2 or 3 speed, lot of decisions