Leave it to the Italians to make something inherently dangerous, and make it look cool.
From everything I've found on the web, this is a real machine. Of course, and it killed it's owner the first time out, while he was waving to a pretty girl. Ghastly accidents aside, I'm rather impressed that he was able to ride it at all, let alone confident enough on it to be both a) riding it in the mountains, and b) able to take at least one hand off the bars.
Cute little bugger, though, isn't it?