Hi Matt!
I have seen this -- in person! While I think the basic idea is clever, it sort of misses the mark. Compared to a hub dynamo which is capable fof generating power all the time the the bike is moving, this one only works when one is pedaling. It bypasses the "free-ride" aspect of power generation while coasting.
The example I saw was noisy and clattered horribly when pedaled. It might work better on a single-speed, Fixed, or IGH hub, but it didn't accommodate the changing chainline of a derailleur bike very well.
Best,
Dan. (...who thinks there's no such thing as a free ride...but sometimes a free ride can mean free 'lectricity)