I like the Adafruit SpokePOV.

http://video.google.com/videosearch?q=spokepov
http://www.adafruit.com/index.php?main_page=product_info&products_id=5
http://www.ladyada.net/make/spokepov/
http://www.instructables.com/id/SpokePOV:-LED-Bike-Wheel-Images/