The rules for Wings of Sanguinius in the new Blood Angels codex tells you what happens if you use that power while riding a bike.
All space marine characters can be very effective when mounted on a bike. Turbo boosting will give you a first turn invul save, but remember that most of your army can only move 12" a turn. If you jump your librarian out in front of everyone, he can be shot, and, invul save or no, all it takes is to fail your save on an S8+ hit, and you're out 150 points.