We got Jake a Strider bike (balance bike) in May. It as a wonderful $75 purchase, even though when we first gave it to him he cried because he wanted a firetruck or a monster truck instead, he loves his Strider now.
It has no pedals and is supposed to help kids learn to ride a bike because they don't rely on training wheels to keep them up. It took Jake about two weeks to really get the hang of it and now he's a pro. He loves to get going really fast and lift his feet up and coast for a while. He can also stop on a dime. When we walk to Grace's school he rides it and gets lots of second looks and comments (like, "that bike's got no pedals," and "how cute"). The only downside is he has to use his feet to brake so his shoes are worn through on the front and bottom!
Jake Strider Video: http://youtu.be/iqJvxqPNb-I
