Car that can fly? No. Plane that can drive? Yes
The FAA has allowed a small weight exception for the The Transition Roadable Aircraft, developed by Massachusetts-based engineering firm Terrafugia. Basically, this allows it to be 1,430lbs instead of 1,320lbs and still be classified as a light sports aircraft. This is not that big an exception, as seaplane light sports aircraft are also given this limit - so going on the road = going on the ocean more or less.
This thing, much as reports would like you to read it that way, is not a flying car. It is a plane that you might be able to drive on the road (not sure what kind of exceptions it is going to need for that - no way it will pass passenger car safety tests). It will however go about 70mph on the roads - which is not bad. However, at about $200,000 this is not going to be flight for the masses just yet.
Actually, what interests me more than a $200,000 plane which you can drive to your private airstrip is just how interested people are in the idea of flying cars. People really care about flying cars. This is the kind of tech story you would normally find on wired, popsci, and maybe engadget - and its a top story on CNN instead. A few years ago I remember reading that the bestselling PopSci issues are the ones with flying cars on the cover - they try and work one in every year it seems. In essence, we really really want a flying car.
Personally, I think the Goodyear Inflatoplane was possibly the coolest attempt, with an inflatable rubber wing, rear fuselage and tail, which could then be stored.
from wiki:
Although it seemed an improbable project, the finished aircraft proved to be capable of meeting its design objectives although its sponsor, the United States Army, ultimately cancelled the project when it could not find a "valid military use for an aircraft that could be brought down by a well-aimed bow and arrow."
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