While at first I thought it was bizarre, I actually think the concept is pretty neat. Projecting an image or any sort of light about 20 feet ahead on the pavement helps to increase the visibility of the cyclist in the same way that one can identify a car approaching on a cross-street by the pavement becoming more illuminated as it approaches.
I think it will work the best for cross-street traffic. My only concern would be the fact that you have a laser light potentially blinding someone when cresting a hill (not a big deal in NYC, but they do exist there) or if the cyclist gets road rage and picks up their front wheel on purpose to blind someone (it’s NYC, someone’s going to figure this out). Either way, I think there are going to be some interesting stories involving these laser lights.