... or at least it's scheduled to. According to this Times Online article, the Transition can "transform itself from a two-seater road car to a plane in 15 seconds." The article continues: "Terrafugia claims it will be able to fly up to 500 miles on a single tank of petrol at a cruising speed of 115mph. Up to now, however, it has been tested only on roads at up to 90mph."
A snip at $200,000. Most importantly, Terrafugia have already arranged the merchandising.