Good idea but it was executed a few times already prior to this.

See:

http://www.treehugger.com/files/2007/01/motorolas_bike.php

http://gizmodo.com/231766/motos-bike+powered-phone-charger

http://fablab.waag.org/content/usb-bike-charger

http://news.bbc.co.uk/2/hi/africa/8166196.stm

http://www.mobileapptitude.com/?p=747