Fast forward 2010.  Look overhead...  Chances are you will be seeing these beauties flying.  Or better yet, you could be the one flying one of these and looking down upon the dude looking up at you!

The "Flying Car" or "Personal Air Vehicle" is the brainchild of a start-up called Terrafugia. 

MIT grad student Carl Dietrich and his colleagues have won the prestigeous Lemelson-MIT Student Prize for designing this.

For some of the highlights, read ahead...

• Milage - 30 MPG in the air
• Speed - 120 MPH
• Payload - 430 lbs

This cool puppy also has 'rectractable' wings for those who cannot find a large enough spot to 'park'!  When the wings are folded, it should be no bigger than a large SUV like the Chevy Suburban or Nissan Pathfinder Armada.

Snippet from the FAQ at Terrafugia:

Q: How can this car fly?

A: In plane mode, the Transition has all of the necessary lift, propulsion, guidance, and control systems for a safe, light sport aircraft. It might be easier to think of the Transition as a light sport airplane that has the additional functionality of being able to drive.

[via cnet]