We, my friends, live in the future.
The FAA has just given special approval to Terrafugia Transition (car/plane hybrid) that will make owning and operating this particular flying car feasible unlike many of it's predecessors.
The hold up was due to a weight issue. The Terrafugia was about 110 lbs over the light sport aircraft classification which has more lenient restrictions on who can operate the aircraft and specifically how much experience would be necessary (Only 20 in-flight hours!) but the FAA granted a special exemption seeing as the extra weight was necessary for safety features when the Terrafugia is in car mode.
Don't expect to see somebody pulling up along side you in one of these bad boys just yet, however, as there are still several more steps (crash tests, more prototypes, etc.) before the Terrafugia Transition can truly spread its wings and hit the highway sometime in 2011.
In case you were wondering participating in the future will put you back $194,000.