I agree that it does lack some of the narrative of the original but makes it much more watchable for the casual viewer. I'm not sure about the music being right for this piece, I would have thought something more up beat would have been better.
One idea I had that might work is using the shot at around 50 seconds. Doing a masking and muti-track you could create an effect similar to the example here at 25 seconds, leaving a trail of bikes through the air. Just one idea.