I remember Biopace, it was foul! although sheldon brown did run a fixie with it. In all honesty and avoiding the obvious troll then no, biopace was designed with a different idea in mind and new style ellipticals like the rotor Q, the goldtec 1ke and the REALLY eliptical chis bell egg rings are designed to give you maximum grunt at the point where the legs are stongest.
By having the chainring at its peak effective diameter with the cranks level, that is, where the rider has maximum leverage over the crank during the power stroke, better use can be made of the rider's power output.
Biopace chainrings do almost exactly the opposite to this, having the reduced chainring diameter coinciding with the cranks being horizontal. The reason this is beneficial is that it tends to smooth the pedalling action, allowing the rider's feet to carry a lot of momentum through the power stroke, having it smoothly removed at the bottom of the stroke rather than encouraging riders to push bigger gears and risk knee damage due to higher knee joint loadings.
In reality biopace were hideous things and the new style rings from various companies seem to work a treat. I've also got mangled knees and the rotors et al have stopped the knee pain when really spinning fast