The whole incident is pretty straight forward: the Veyron driver is directed to stop by a London bicycle cop, he does so, and he is released shortly after.
According to the YouTube video description, the car was pulled over due to the lack of a front license plate.
Even if the driver had been able to evade the bike cop in dense London Olympics traffic, he certainly wouldn't have outrun the radios--even with the car in handling mode, as evidenced by the raised rear wing--so we call this a judicious and intelligent move.
But it still makes us giggle.