According to Boing Boing, motorcycle gear manufacturer Dainese has created the D-air safety system, fully equipped with airbags. The Dainese site features video of a the D-air in action.
Here is more video of the D-air airbags helping cushion the fall of another rider. While the airbags probably saved this rider from serious injury, that fall still looks like it left a mark.
The D-air system should be available to consumers around 2010, so make sure to ride extra carefully till then.
Source: Dainese and Boing Boing