While I've yet to use the NYC Bikeshare, I've read a lot of accounts online that complain about availability of bikes, and the state of disrepair they're sometimes found in. Of course, some folks will complain no matter how good they have it, but if NYC spent thousands on each of those bikes, they got ripped off. In my experience, when "no expense is spared", you're not going to be running Nexus 3speeds. (Nothing against Nexus 3 speeds, but they're a budget choice, which makes sense for a program like this. What doesn't make sense is using bikes that supposedly cost so much.) I haven't found a concrete figure on what each bike cost NYC, but I
do know they take a cool grand out of your account if you keep the bike over 24hours or if it gets lost/stolen while out on your card. Buying a cruiser like this should cost common folks $300 or so, and i'd expect that the Citi Bike program could've/should've gotten a bulk discount. After all, they started with 6000 bikes, and plan to double that by 2017.
Anyway, here's the bike up-close, with some info: