No, they work out well.
There are multiple examples of hubless / spokeless wheels, in many different applications, available already. Please check out:
- The GeoOrbital bicycle electric wheel (recently funded on Kickstarter)
- The SkateCycle (hubless skateboard)
- The AirWheel (e-bike monowheel)
- Black Hole Wear & Tear (hubless bicycle front wheel/fork)
The companies mentioned above will be amused that they use "impossible" technical solutions on their products.