Hmm, it does look a bit odd, but I suspect that it is a perfectly sensible setup. Give me a few minutes ...
Ok, with a bit of photo-manipulation, I give you '
My bike with the Planet X bike superimposed'!
View attachment 425504
Most of the apparently stupidly extended seatpost is due to the compact design of the Planet X frame. I have my saddle slightly nose-down for comfort. If I had the saddle level it would only be about an inch below the Planet X's saddle. Note - I have short legs for my height - only 32", which is not a lot for someone who is 6' 1" tall. If I had legs more in proportion to my torso, I would easily need my saddle as high as the Planet X bike's!