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@mattty
This is interesting: a low-cost BorisBike equivalent is set to hit New York in the autumn for a test period.
The lock is integrated into the bike itself, meaning there's no need for specialsed docking stations. Also, the bikes are fitted with GPS tracking, which users use to locate available ones. Users then sign them out using some secure authentication method.
The prototypes look a little ropey, but the idea is very interesting: whereas traditional bike share schemes cost $3-4k per bike to set up, SoBi reckon they can do it for sub $1k per bike.
The Social Bicycle System on Vimeo
http://socialbicycles.com/
As reported here: http://www.crunchgear.com/2010/08/11/bike-nerds-create-a-homebrew-bike-sharing-system-for-new-york/