This looks unbelievably fun

Really! Its the most safest flying you can do. Heck you are already under a parachute.

Paragliders do have some interesting failure modes. It is possible for the canopy to collapse. At altitude, for all but the highest performance gliders, the glider will right itself and you continue flying. Should this happen at treetop level while on final approach, well, you can guess the result.

Here's some information from veteran instructor Rob McKenzie: http://www.flytandem.com/biwing/hg2pg.htm
 
Collapses are not a failure mode. And they result from flying in dynamic weather which no one does when they have a motor.
 
I think the key is sheer and utter masochism.
Tell me this never happened to you when you drove your MR-2 convertible through the frozen wasteland of Illinois:

 
There are many derivatives of the "primary" glider shown in the OP's link. The goat is a well known knock off that can be built from plans. There is also the EMG primary glider that is being developed with an electronic motor for self launching.

http://www.electricmotorglider.com/

Randy Schlitter from Rans Aircraft has also talked about developing small motor glider with an electric motor for self launching. If you get more excited about the streamlined self launching gliders, check out the electric powered version of the Archaeopteryx, the "electeryx" from Germany:

http://youtu.be/Wmnczog46KE
 
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