This looks promising. I'm not a materials scientist by any means (but have some chemistry education), but here's what I'm thinking:
Water molecules are of a certain size and Goretex (et. al) works by using pores which are smaller than those molecules.
Cell membranes are a little different - they use hydrophilic (water-hating) molecules such as phosphate to repel water.
I wonder if the NeverWet stuff:
A) bridges the gaps in the substrate (i.e. clothing etc) to the extent that water molecules cannot pass through, or
B) if it coats the substrate with repellent nanoparticles
If A) I would hope that there are still gaps large enough for air to flow through, but I would be concerned about durability, i.e. bending flexing and exposure to high wind may erode it in places.
As for applying it to the bike, I would guess dry dirt and dust and cratered bugs would sit on top of the NeverWet. This could make it very hard to clean if the water can't actually be applied for the cleaning duties, or it could be very easy, if the water can carry away the dirt particles with little or no surface adhesion to fight.