Chainless bikes

CNN reports on the growing use of chainless bike engineering.
Excerpts:

Trek Bicycle is part of a movement to bury the finger-pinching, pants-munching, rust-prone sprocket and chain, and usher in an era of belt-driven bikes that might have the inventors of the self-propelled transportation Schwinning in their graves.
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The largest U.S. domestic bike manufacturer is hoping to capitalize on a new group of urban pedal-pushers who are trading their cars for a more low-tech way to get around because of gas prices as well as health and environmental concerns.
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Aside from the whisper-quiet ride, the lighter and longer-lasting carbon-fiber composite belts won't rust, can't be cut, won't stretch or slip and won't leave grease marks around your ankles. A guard over the belt-drive and the construction of the system makes getting your pants stuck an unlikely scenario.

One version of the chainless bike, called the District ($930), is a single-speed, complete with a silver body, orange accents and brown leather seat and handles. The other, called the Soho ($990), is an eight-speed bike that uses an internal hub to adjust the speed rather than gears.