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Took a little fiddling to get it around my Eclipse P20 (26" wheels) but works great. Love the design. The pouch is attached to the bag so you can't lose it. When the bag is carrying the bike, the pouch reverses inside-out and still zips up so you use it to carry quick-release pedals and stuff in the drawstring at the bottom. Then everything is very easy to carry with the shoulder strap.
Although it is suppose to fit 24" wheel bikes it is a very tight fit for my Node D8. You cannot fold the bag over your bike the way the video shows. To make it fit, I unzip the bag slide it over the top of the bike, reach inside and attach the straps then zip it back up. Works OK that way. It is a quality cover however and makes it easy to carry or store your bike.
The Carryon Cover 2.0 is a great carry bag. It is very light weight and the internal straps secure the bike to carry strap very well. I also fold amazingly small and attaches easily to the seat or handlebar tube. It is a great addition if you plan on traveling with your Tern...great for storage too.