It's been done, on south park.
Can you imagine looking around that portion of the big wheel in front of you all the time? Talk about a blind spot! And road debris, the bumps and potholes you'd most worry about, would be the hardest to see. You'd have to "weave" slightly like a pigeon bobs its head to get a good view of the road. And he never demonstrated what happens if you slam on the brakes really hard, I want to see him go end-over-end.
I'm glad for your sake, eljefino, that you didn't show how the South Park version actually functioned. I don't think I'd want one of those. The one in the video, however, I could live with.