I've never seen Cycle before, but this looks somewhat similar to Mithril (http://lhorie.github.io/mithril/index.html), which is based on a semi-FRP virtual-dom approach.

The thing that I prefer about Mithril though is that at the end of the day, your code looks like regular, vanilla js and is extremely readable. It's a pretty much invisible framework that you can use however you see the best fit - it just takes care of rendering and updating without any magic, and provides you with some helpful tools for managing models.

My immediate grip with Cycle is the api - it just looks messy and more complex than it needs to be.