You know the gas station air fill stations that you can never find when you need one (I mean really, can't every damn gas station have one, rather than just every one out of five) ? Well, a few designers thought they'd apply the idea to bicycles and give us bicycle air fill stations that we probably won't be able to find when we need one.
Regular gas station air pumps are designed to fill car tires and as such must be used very carefully, if at all, with bicycles because otherwise you're going to overfill and blow your bike tube. Also, gas station air pumps only work with bikes that have Schrader valves, and quality bikes tend to have Presta valves, in which case you're out of luck at the local Conoco.
Designed as a simple air fill station built into the city curb, Woon-kyeong & Kim Jong-buem's creation is built to deliver the pressures that bicycle tires need. So you can pump with confidence and not worry about blowing your tire up. They're clearly marked with green lights, so that cyclists can easily identify them.
The reason an idea like this is entirely impractical and unnecessary is that there are all kinds of portable bicycle pumps designed to be carried by cyclists. Any experienced cyclist worth his salt will already have his own pump. Sure a big, automated pump would be faster and easier, but chances are there's not going to be one exactly when and where you need it--unless they want to pay to put these on every city block.
I think this design could be a lot better if it was built into a bike rack, thus serving multiple purposes. While you could theoretically lock your bike to the upright air pump sign, a thief could theoretically slide the lock right over the top and get away with your bike. And it just doesn't look like it was designed with locking a bike in mind. Build this system into a bike rack where cyclists already congregate and it might get some use. Otherwise, the portable hand pump and home floor pump are a lot more practical.
There's not much else to it, but here's some video of how it works: