I think this product would be well served by alerting the user about car distance through some channel other than visual. When biking all visual attention should be focused forward, and the extra information sensed by this device could be delivered through some form of haptic feedback.
True, one option is to integrate haptic feedback into a sensor in the shoe. But even then, what action would one take based on this feedback. Should I stop, pedal faster or switch a lane. Just the radar feedback of 'something is about to hit you from behind' is probably not enough.
One of the things they mention in the Kickstarter is an open API. I guess that would make it more straightforward to make custom additions to the system.
What I imagined when I read "sixth sense" was something that you stick in your backpack close to your back where it vibrates stronger the closer the car behind you is.
What if you wore a band around your back and sides, that would vibrate at a certain location to communicate angle, and intensity to communicate distance?