If you hold the ends of an axle with each hand then turn the axle through 180 degrees so that your left hand holds the end that the right hand held, how will a bicycle wheel previously free-wheeling at four times a second on the axle now spin?
Just guessing:
Is the wheel/axle connection friction free ?
I think this is a gyroscope related question. I'd suspect that the force you had to overcome to turn the contraption over would result in the wheel slowing slightly. But I'd not stake my life on it.
The action in Mib's clip works even at slower speed. When I was a kid our family made extra money spoking bike wheels at home and you can hold one side of the spinning wheel axle with your hand. If someone made the wheel spin faster you could actually feel the inertia of the wheel wanting to turn in a horizontal plane too.