Carl Dietrich, 29, MIT graduate student has invented a flying car-
SUV-sized model, PAV (personal air vehicle). The car could be on the market by 2009.
Estimated cost: $148,000.

The PAV has folding wings to operate o n the ground and in the air. It carries two passengers (plus luggage) and gets up to 500 miles on a tank of premium unleaded gasoline. It can fly at speeds up to 130 mph. Operators must be licensed as sport pilots. (A 20-hour course costs about $3,500.)

Check it out at:
http://www.Terrafugia.com

This sounds cool. But I'm curious as to how a vehicle of that size would function on the roads?

this thing will sit in a museum somewhere as a failed concept.

but I wouldn't mind having me one, to avoid all this traffic.

yup , but in one day our grand may be great grand kids might get hands on this to re discover working version of this in full like living in featurama!

Yuvan can you shed some light on this?

haha. maybe they are reffering to the discrete Kumara Anjaneyanumaan

Oh, I see....