From MAKE:
Some of the homebuilt ones seem pretty GRM, even if they do double the Challenge budget. 
EDIT - teh HOTness!!1!
Wow, that looks cool!
That's cool, but how did he manage to spend $4k on that build?
Hookers.
Maybe there is $3700 worth of bike parts under there?
Seriously, it probably has more to do with the exchange rate, I think he spent about 2,000#'s (sorry, too lazy to look up and insert the British pound sign).
I'd been thinking of building something like this for a long time, but didn't realize they had a real name.
Add a motor and get 214mpg!
http://www.fasterandfaster.net/2010/01/quest-velomobile-honda-anf125i.html
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