Vehk's Teaching states that Aurbis is a Wheel. The Hub is Mundus, the Spokes are the Aedra, and the Voids between the Spokes are the realms of Oblivion. Now this confuses me, because the spaces in between the spokes of a wheel would be naturally equal to the amount of spokes, making the shape of the Aurbis possible. Also, where is Aetherius located in this?

I suppose, seeing as there would be eight spaces between the spokes, and sixteen Lords of Misrule, that they would be two to a space.

The Aetherius is outside of the Aurbis. The Aurbis has holes, and these let the light of magicka through from the Aetherius.

The sun is the largest of these holes. The rest are the stars.

Unlike the spokes in your bike, these spokes go through the hub. So each spoke is adjoined by four voids.

Void | Void
------X-------- <--- Spoke
Void | Void

Also, the wheel is a telescope.

It's wheel-shaped. Which of course means it's tower-shaped.

It's three dimensional anyway, so calling it a wheel is only what it looks like from 'outside', as it were, and only looks like I if you are four dimensional and on the edge, sort of. Which leaves the real shape of the spokes, which are infinite planes that manifest as round balls in the sky anyway, a much more complicated question.

Also leaves the question, is the telescope lots of slices of wheel moving through time, of lots of slices of Kalpa stacked on each other; i.e. does one wheel or bit of telescope represent the world at one moment, or the world and all it's moments through one Kalpa?

It's a metaphor. It's not possible for it to adequately represent what it describes. Use it as far as it's useful and then discard it and move on.

Like someone drawing a picture of a cube. Something is going to get left out or misrepresented.