It made my day as well, but a few bits make me wonder: cranks (maybe that low-end set was the only one in the right length), bar and stem, but the idea generally is brilliant!
I remember being in Marktheidenfeld/Germany back in 1998, where they had an awesome shop: PE Cycles. It was the kind of place where I could see things that I knew from the German magazines I intoxicated myself with back then. Peter Ehlert, the owner had all sort of bike parts around and he didn't care much about tidiness, but it was okay, as I was suspecting an XTR derailleur or some King headset in every single one of his shady drawers. Anyhow, the most awesome thing he showed me was a Yeti 20" MTB (or maybe a BMX), that he adapted for his kid. It had a Marin/Manitou rear end that was adapted to be a fork. King headset, Magura brakes with custom levers and the proper turquoise. It beats this bike by a mile, trust me. I am very curious what happened to that guy and everything...
1990 GT Karakoram 20" Purple Haze (urban project); 1993 GT Karakoram 20" Ferrari Red (classy beater); 1993 GT Karakoram 14.5" Black Light (almost original); 1994 Breezer Jet Stream 18" (unlikely story); 1995 Winora full suspension (a fine riding mistery); 1997 Kona A'Ha (anniversary edition); 1997 GT Arrowhead 18" (poisoned gift); 1998 Stevens 6.1.2 (true warrior); 1998 GT Moto cruiser (just google it!); 1999 Santa Cruz Chameleon (the heartbreaker revived); 1999 GT Lobo 1000 (retired with works Super T); 2000 GT Lobo (turns original); 2001 Klein Attitude Comp 19" (ultralight project); 2001 Cannondale Jekyll 1000 SL (better that a lot of "fresh" bikes); 2003 Intense Tazer (close to factory team spec); 2003 Intense M1 (old dream on hold); 2007 Crupi Pro XXL (pumptrack teacher)