Yuck or what, coca-cola may have their intentions for the environment good, but the bottle is simply is just 70% petroleum, and 30% sugar cane leftovers. The cane is crushed and mashed to produce juice, which is then fermented and distilled, producing ethanol. That ethanol is then converted through a series of chemical processes such as oxidation to a mono-ethylene glycol—a component normally derived from petroleum for use in plastic bottles. The MEG is then mixed with terephthalic acid to create PET plastic.
You will see these bottles if you are attending the Vancouver Winter Olympics 2010. Let me know if you spot one of those bottles. If I do before then, I will post a photo! :)