I saw this project months ago and I thought this was non sense but lately I am getting more involve with the sustainable concept, simple living, etc. And I am not a hippie but this now seems like a beginning for something interesting. I am saying "beginning" because this looks more like the first step of a building, I wouldn't call this a building, more likely to be called a pretty sculpture.
The constructive method reminds me the one used by EMBT for the spanish pavilion in shanghai. But this one seems more practical and less "artistic".
Bambu has been a used material since centuries, maybe millenniums...