From the game screenshot, it appears you use this bike drive a pedal powered chopper over the planet to clean up the planet.
More at Kotaku. Due for release January 2010 from French game publisher BigBen Interactive. Since they're French, is it too much to hope for a bike racing game to use with this accessory?
Via Gizmodo. I thought I mentioned it earlier but I guess not. Also at WIRED Gear Factor, where Charlie suggests just playing Mario Cart with a normal WiiMote while sitting on the exercise bike that's gathering dust in the basement.