Nice Ride has set up a bike sharing system in Minneapolis. They have 350 bikes parked at about 55 bike racks around the heart of the city. According to their website they hope to expand. They have card kiosks at the bike racks that allow you to pay with a credit card. Then you grab a bike and ride it to one of the other racks, hopefully near your destination. They charge $5 for a one day pass, $30 for a 30 day pass, and $60 for a one year pass. They also have trip fees if you take it for more than 30 minutes. It appears they are trying to encourage the use of the bikes as a transportation mode instead of just for recreation.
They are already operating in several cities in North America. Minneapolis' rise in bike friendliness must have been a big draw.
Here are some photos I took of a rack at Washington & 2nd Ave N -