Seems very similar to SoBi's offering. SoBi has the advantage of built-in vandalism detection, welded on GPS tracker (it looks like ViaCycle's is bolted on), a sealed shaft-driven drivetrain, and a more durable frame geometry.
We do weld the locks to some of our bikes depending on the intended environment. No matter what the method, the attachment is at least semi-permanent and can't be removed by normal means. Since our system can be fitted to multiple bikes, we can easily incorporate shaft drive or a different frame if people want them. Our Biria frames are very sturdy and people love them!
http://socialbicycles.com/
Exciting times. It looks like the next generation of bike sharing systems is arriving.