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Some of the world's top bike designers including Tony Foale and Mike Burrows have tried this and found it has great benefits. The steering geometry is decided by the horizontal distance between the tyre/road contact point, and the point on the road at which the pivot (steering head) points. The machine can be ridden hands-off easily. Foale's BMW motorbike version could be ridden hands-off at high speed. He wrote about it in his book on motorcycle chassis design. (Everyone scoffed at him too, as people always do when they see something novel.) Moreover, this is the only way it's safe to put a disc wheel on the front. It never caught on because it looks unconventional. One thing to note is the robust front fork. The only disadvantage of this design is that road shocks - for example hitting a small bump - tend to bend the fork at the top. Conventionally angled forks tend to transmit road shocks longitudinally up the fork blades into the head tube.
