I feel that I have to say this. I already detailed the problems with this over at Gizmodo, but I feel the need to reiterate here.
As it exists now, this vehicle has zero roll stability. That accounts for a full third of its stability (the other two being yaw and pitch). Because this uses wooden propellers, there are a number of design flaws:
1. No roll control. Helicopters are capable of varying the angle of attack of their rotors, allowing them to have different thrust at different points under the rotors, i.e left and right can develop different thrust in response to the orientation of the helicopter. This hoverbike cannot do that because it has fixed pitch propellers.
2. Wooden props are horribly inefficient when compared to modern composite. Further, because those props are already elliptically shaped,the ducts do absolutely nothing to lessen the drag on the blades (which is the whole point of ducted fans).
3. Ineffective and potentially dangerous yaw and pitch control. The two fans are counter-rotating in order to cancel out the rotational momentum. This is similar to a helicopter in that without a tail rotor, a helicopter would also spin uncontrollably due to the rotational momentum of it's main rotor. However, a helicopter uses this to its advantage. By varying the thrust levels from the tail rotor, the vehicle can rotate in place by using that rotational momentum, or by directly overcoming it to yaw in the opposite direction. This hoverbike could theoretically do that by varying the rotational velocity of the two fans, but this would also cause a distinct difference in thrust, which would adversely affect the pitch. Likewise, attempting to vary the pitch would result in unintentional yaw moments.
These can all be easily overcome. Switch to four-bladed composite fan, which are specifically design for applications like this, and utilize swatchplates on each so that rotational speed and thrust can be varied independently.
This particular craft may well be a hoax, but with advances in engine technology, there is no reason that something in the same mold can't be produced in the future.