Actually for a brief moment you can see a “horseless carriage” in the very first sequence maneuvering between the wagons.
Other things come to mind—notice how many people are walking, unlike our modern times where most people are moving by car. The scenes are just packed with people. Gives you a whole different feeling for what living in an urban area then must have been like.
Also fascinating is the scene where you can see a train complete with steam locomotive moving on an elevated rail system. It must have been much noisier than we probably think of those times as being. (And smellier, as you’ve pointed out.)
Finally, watching the people closely is fun. The one who cracks me up the most is the young man with big moustache who starts clowning for the camera. And watch the little boy on the bridge doing the same thing.
Here’s a similar thing from almost the same time period: riding on a streetcar in Berkeley in 1906. If you watch this one closely, you will see they had wackos in Berkeley even back then:
http://www.youtube.com/watch?v=BK9CekGF3Ho
Wonder what the story behind all that was?!? Bonus points if you recognize where in Berkeley the streetcar is (the road still looks like that, except without the streetcars of course).
The area immediately around London had had shallow underground trains (steam powered) for about 40 years, and London itself had just added the first deep-tunnel electric underground trains.