I'm not sure if you have seen these bikes around your town but they are all over the Strand in Manhattan Beach. They are called run or balance bikes and are basically a pedal free bicycle. The child starts by pushing with their feet and will start cruising once they've gained some momentum and balance control.
In theory, a toddler (age 2-4) should start off trying out a tricycle so that they can get the peddaling down, once they get comfortable on the tricycle you purchase them a run/balance bike. A run/balance bike helps them gain the balance practice and confidence they need to move onto a regular bicycle. Once the child gets their first bike - no training wheels needed! The bikes come in wood or metal in standard or off road styles.
An ingenious idea and it looks like the kids love using them. I think they make a great gift for a toddler, and are great for the parents who are on child #2 or #3 and don't want to push a double wide stroller everywhere. A nice alternative to the Razor and this actually helps your child learn how to ride a bike!
The affordable metal balance bike, just under $100.
LIKEaBIKE Jumper Balance Bike (off road)
The Bob of balance bikes...just under $300.
LIKEaBIKE Forest Balance Bike (off road)
High quality wood with steel enforced wheels
The Bugaboo of balance bikes...over $300.
Affordable wooden bike for under $100.
...don't forget to purchase a helmet too!