Here is an article about what is going on in the area with regard to these guard-rails. I don't know enough to have a view as to whether removing them in this location will improve cycle safety but I personally prefer to have an escape route on to the pavement.
I believe that the works on the traffic island were to remove the railings. Wasn't the bike attached to those railings?
http://g.co/maps/cg456
Here is an article about what is going on in the area with regard to these guard-rails. I don't know enough to have a view as to whether removing them in this location will improve cycle safety but I personally prefer to have an escape route on to the pavement.
http://www.camdennewjournal.com/news/2011/nov/tfl%E2%80%99s-guardrail-removal-scheme-sees-safety-railings-ripped-camden-roadsides