Would a drive shaft work in a bicycle? Possibly, and here's a BMX bike concept that takes the design and runs with it, sans hubs!
The hubless wheels are a cool touch, I'll admit, but I have my doubts about whether the tiny driveshaft will replace today's venerable chain configuration.
Whatever the case may be, you're going to have a hard time convincing me the BMX riders of the future will be using this design to shred the pipe at the Mountain Dew extreme to the MAXX 2020 X-Games. [Falling Pixel via Design Blog]