When Daniel covered the Terrafugia, he wrote "the rest of us here now on a heating planet could use more efficient cars and airplanes, not wacky combos of the two built for the super rich."
It is interesting that nothing has changed in 80 years since this vehicle, shown in Modern Mechanix, was proposed.
Other flying cars in TreeHugger:
BioFuel Powered Flying Car Expedition 2009
World's First Street Legal Flying Car Really Flies in London Unveiling