You might question the strength of a wooden bike compared to the frame materials more commonly used today, but learning that its owner Sam Williams competed in and finished the Race Across America aboard it (and a Renovo road bike) in 7 days, 14hrs should give you the answer. It was also used by American Tim Winestorfer at the Kona Ironman World Championships in 2010, who claimed it was smoother and stiffer than his carbon tri bike of the time. As Renovo say, they use wood not because they're carpenters but because they're engineers who recognise its suitability as a frame material.
Renovo, who collaborated with Audi last year on a range of wooden bikes, build the frames to each customer's own size and specification, with the frame only (no fork) retailing for $US3,800 direct. The Hoodoo contains internal derailleur and rear brake cabling and can be made from a selection of woods.
Sam's bike was built to his own specification, including SRAM Red rear derailleur and cranks, SRAM Force brakes, levers and front derailleur, a Ritchey Pro Carbon fork and WCS post, and Profile Design's Altair 52 carbon clincher wheels and Cobra Wing bars.