I like the concept - a good addition would be to provide reporting and/or policing tools if you find a stolen bike (notify the local PD perhaps, or automatically send CL a takedown notice). It seems like Craigslist would be the first place you go if your (nicer) bike gets stolen, so as it stands, the Racklove search engine doesn't provide a lot of extra value.
As someone who works to provide better access to bikes via bike-sharing, I've seen that it's actually an incredible way to prevent bike theft. Sharing systems are over-engineered to the point where they're very difficult to mess with. However, deterrence for personal bike theft is an interesting problem. Despite the prevalence of bikes, nobody has found a method to secure or track them that's better than a standard U-lock. We're close to the point where GPS units could be installed on many bikes at reasonable cost, but it's still not easy. Something to work towards, or perhaps there's an easier solution out there.
