FAA approves it as a light sport aircraft. Just twenty hours flying time to get a licence. And it gets 30mpg.

Definitely out of the price range of average Americans at $194,000. But an interesting invention.

http://www.telegraph.co.uk/motoring/news/7860966/Terrafugia-Transition-flying-car-gets-go-ahead-from-US-air-authorities.html

About time! All those movies I watched predicted flying cars by 1992!