From the Royal Borough of Kensington and Chelsea's website:
"The single surface design is kerb-free with the minimum of street furniture and barriers. By having a less distinct ‘track' for through traffic, motorists will drive more cautiously and slowly, with greater awareness and consideration for pedestrians. It will also provide greater flexibility in the way Exhibition Road can be used in the future."
GOOD notes that the project isn't out of the blue:
"Similar projects on other streets in London have decreased accidents involving pedestrians, showing that both walkers and drivers tend to pay better attention when they realize that they can't rely on barriers to guide them."