Watching the vid, he's not a student, its a proper vocation...an obsession perhaps.
but, looking at the rims and the hubs I suspect a year is an over exaggeration of its life cycle (geddit!).
the brakes rub directly on to the cardboard rims!! I'd give it 30 minutes of hard braking and its game over.
Still love it though, and I would be intrigued to have a go if they were launched to a mass market.
Perhaps they could be sold as disposable bikes, where you "rent one" for a night, to get home form the club then drop it in a recycle bin where the brakes and tyres are removed and added to the next one.