By itself, the monowheel cycle is such a kick-ass looking concept that tons of people have made their own. Even George Lucas couldn't resist the allure of seeing a person ride inside the hub of a gigantic wheel, and had to feature it in probably the only amazing scene from Revenge of the Sith (unless you count Dooku getting his arms cut off as well).
Arturo Ariño R's concept isn't a monowheel per se. It's got two smaller tires that run ahead of it. You may be tempted to think of them as a lame set of training wheels if you actually haven't seen the design. In reality, they aren't there to emasculate the one-wheeled wonder, but to help it do something monowheels normally can't do: go all-terrain.
To be honest, it's reminiscent of those supercharged pod-racers from the otherwise forgettable Phantom Menace. The only difference is, the Phase 2.0's got wheels instead of space rockets, and isn't driven by a whiny kid who will one day grow up to be James Earl Jones.
[source: Yanko Design]