In the words of Clarkson, I want one in my life!
It is awesome, but I was going to say the same as DanRoM, it's not new. A village near to me had this from 1900 to 1911:
And they're hoping to bring it back (they have been for the last I-don't-know-how-many years though, so not going to get my hopes up).
"These caissons always weigh the same whether or not they are carrying their combined capacity of 600 tonnes (590 LT; 660 ST) of floating canal barges as, according to Archimedes' principle, floating objects displace their own weight in water, so when the boat enters, the amount of water leaving the caisson weighs exactly the same as the boat. This keeps the wheel balanced and so, despite its enormous mass, it rotates through 180° in five and a half minutes while using very little power. It takes just 22.5 kilowatts (30.2 hp) to power the electric motors, which consume just 1.5 kilowatt-hours (5.4 MJ) of energy in four minutes, roughly the same as boiling eight kettles of water."
They're extremely ugly
What makes it particularly cool is that it links the two canals between the two biggest cities in Scotland. If you wanted to enjoy life in the slow lane, you could go from one to the other city by boat, which boggles me.
Here's another gif of that Scottish one,
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