It doesn't come across in Huffington's article, but the engineer of this has an amusing flippancy about his creation:

"It wasn't built to be efficient and fast. It was built to look cool and insect-like and fun.

"But legs are very inefficient - the wheel was invented for a reason,"

source: http://www.bbc.co.uk/news/technology-22231365

Regardless of whether it has any practical applications, it's certainly one of the most awesome hobby projects I've ever seen.