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Hovis-
It looks great, especially the two locks one key that can be double up is a great point.
However please pass onto you housemate, before he gets my money (which I'm very tempting to drop), I'd like to see some independent testing, and I'm curious how the lock would fair if you stuck a car jack in the middle of the loop, i.e. I'm thinking the weak point is possibly where the lock attaches to the belt.
photoben
http://road.cc/content/news/146182-sub-1kg-high-security-bike-lock-seeks-funding-kickstarter