I think you'll be surprised and that it will.
I upgrated my old steel hardtail mountain bike into an ebike becuase I have a ~400 vertical foot climb from the train station to work.
I bought the Phoenix motor kit by Crystalyte (http://www.electricrider.com/crystalyte/phoenix.htm) and swapped out the acid batteries for a Lithium Ferrous Polymer at a very reasonable price (thank you Lau Chen of Hong Kong).
The result is a bike with almost 2000 watts max power (48V x 40A = 1920W) with 10Ahr of total juice. The practical range is about 10 miles at a speed of 30 MPH (I have a motor wound for slightly more torque).
My time up the hill basically beats driving (surface streets, not freeway). An interesting thing happens when you go as fast as cars - they see you better, you can get out of the way better and you take fewer stupid risks. For example, you are less likely to run a stop sign if you can re-accelerate easily. Also, if you're not pedaling hard you have more energy to focus on what's around you. It becomes more like riding a motorcycle.
I love my e-bike - once people see
1) How versatile they are (go anywhere a car can go and slightly more)
2) How cheap they are (fuel cost approaches zero even charging at home)
3) How normal you look on them (it's just a bike)
and most importantly
4) How lazy you can be on them (you don't sweat at all)
You will see much better adoption in the short range commute, even in the US.