That's right, the electronic bike lock I've been working on is done (and underwent another name change)! Here's a picture of the prototype while opened, with the keyfob in the mechanical backup.
We named it Cobolt to signify strength, technology, and reference its locking ability with "bolt." Mechanically, the team implemented the changes we needed to make it lock more reliably and securely. Electronically, I figured out the RF transmitter and receiver bugs and helped program the microcontroller. In the end, we had a working alpha prototype! Here's our presentation given in MIT's own Kresge Auditorium, followed by the audience Q&A which features yours truly!
I really like the concept, and I don't think it would take that much more work have it be useable on a daily basis. Who knows, you might see something like it on a bike rack sooner than you think!