A while ago I saw an image of a guy who had built a similar device which put a laser 'bike lane' behind the bike, kind of a joke giving you a bike lane wherever you go.
Putting it in front of the bike would seem like such a minor change, but puts it from being a gimmick to a lifesaver.
Even this device is a lifesafer, as it builds a very patterny visual metric of the space occupied by the biker. And the human brain loves patterns. Therefore a driver will have a very easy task at lining up his car with the biker and safely overtaking him.
Combining both designs and tweaking the projected images and colors could be an incredible step forward for bike safety.
The mockup had the lane extending behind and in front of the cyclist. They were building prototypes last I heard, but nothing ever came of it. I want to make one too.
Putting it in front of the bike would seem like such a minor change, but puts it from being a gimmick to a lifesaver.