For all of the talk of flying cars over the last century, very few ever made it off the ground, Molt Taylor built one exception back in the 1950s, but the Terrafugia Transition, in the works for the last few years, took its first flight on March 5th, 2009.
Designed as a roadable aircraft, not exactly a flying car, the flight controls fold away when not in use. The wings are extended electrically and lock in place. A 100 horsepower Rotax drives the front wheels on the ground or the rear prop for flying duty. It flies at about 115 mph.
The carbon fiber body keeps the weight under 890 pounds for the Light Sport Aircraft designation so obtaining the required license is easier than what would be necessary for flying a normal aircraft. Fully loaded weight is 1320 pounds.
Although the promise of an airplane in your garage has been around for a very long time, Terrafugia might be the company to finally pull it off.