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...
Mx