The unique thing isn't the lane, it is the context.
East London is cut off by the the Lea, by the Marshes and by the industrial wasteland that is now the Olympic Park. If you want to come into London from the East, there are effectively only 4 routes, the A13, Stratford High Street, A12, Lea Bridge Road - this image shows what's happening
http://goo.gl/maps/B7rwp . In contrast to everywhere else in London. there are no back streets, no alternatives. For all those to the east of Stratford, Stratford High Street is the only practical option. That's the case for vehicles as well, with obvious conflict. The A13 has had cycle provision added on the sides, but that is really badly affected by junctions.
The A12 next north (not the actual A12 which is effectively motorway and bikes are banned, but the underlying streets) is a mixed bag that dumps you into Hackney
Lea Bridge is structualy incapable of being updated along much of its length because of the terrain around.
For years there have been campaigns to improve the lot of the cycling commuter, which have been steadfastly ignored in preference to the needs of motorised traffic. Before the olympics they even took away much of the bus lane infrastructure that made life bearable. It has been really shit in the meantime.
This facility is a real triumph, they took away a whole freakin' lane from the motorist and gave it to the cyclist, astonishing because there was the width to do the normal half arsed thing on the wide pavement. I can think of nowhere else in the UK where anything like this has happened.
So before you start carping and whinging, consider that. For all its failings, this deserves to be lauded to the skies.