Hybrid-electric bicycle - what's the point?

Here's something I don't get - a rechargeable electric bicycle marketed as a green item.

A battery provides power assist while you pedal, helping you get up to speed faster. New from Schwinn, the Tailwind weighs just 58 pounds and costs a mere $3,200. Stop me before I pull out my checkbook - just kidding.

At the risk of sounding incredibly American, to me a bicycle is more an instrument for exercise than it is for transportation. If I have three grand to put toward transportation, I'd buy a motorcycle - maybe even a rechargeable electric one.

A heavy, clunky battery-powered bike just seems oxymoronic.