Bike Storage Patent design

A previously patented item i have found seems to mimick my original ideas for the design of the bike storage rack.
Any ideas, comments, or feedback about the possible pro's and con's would be greatly appreciated.

The patent info can be found at the below location:
http://www.google.com/patents?id=yew7AAAAEBAJ&dq=bike+storage

Patent number: 3872972
Filing date: Mar 11, 1974
Issue date: Mar 1975
Inventor: Cummins et al.

BIKE STORAGE PROBLEM!!!

I am conducting a marketing research survey to justify a solution to a very common problem. Many people who own bicycles and live in apartment housing complexes have little to no space to store their bikes without having them constantly get in the way.

To collect solid results, comments on this blog would be very appreciated.

In addition, you may click one of the two links below to take my 6 question survey.
Here.
or.....
http://www.surveymonkey.com/s.aspx?sm=qVGL6h8G0Zke64_2fxdb9u9w_3d_3d

I assure you it will not open 100 pop-ups, and its not a survey that asks for your email address or any other personal info.

It simply serves the purpose of justifying the problem me and my colleagues will be designing a product to solve.