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@retro_vélo
The idea was that the cranks would straighten slightly at the point of maximum force applied by the rider i.e. on the downstroke, and thereby increasing the leverage slightly by effectively creating an elliptical pedal stroke. This was supposed to give a more enhanced pedal motion and these cranks were often used with elliptical chainrings to help get over the top dead centre when pushing the big gears.
It was an extremely dubious marketing ploy which ignored the fact that the 'L' shape had created a built in stress raiser concentrating around the elbow and the additional material and subsequent weight gain. Whilst dispensing with handlebar tape(see above Hill Special) to save weight, that weight and more, is then added by the adoption of the P.M.P. cranks. Additionally, any significant increase in the centres of was highly unlikely and, if ever it did occur, would bring into question the durability of the crank with subsequent health and safety concerns should the crank snap.
What appears to have been overlooked on the Hill Special is the rare tubing set. At first it looked to be Reynolds 'SpeedStream' but I would guess that it is more likely to be Ishiwata aero or Columbus 'AIR' tubing. Either way, combining the early aero tubing frame with the P.M.P. cranks and Modolo brake levers, makes for a classic 1980's Time Trial setup and is worthy of its inclusion in the Bike Porn thread. Would look better with appropriate pedals such as the Cinelli M71's or the Adidas Systeme 3 pedal and shoe combination.