While many will call this a flying airplane, Terrafugia is quite clear in their FAQ.
Perfect for trips between 100 and 500 miles, the Transition is not designed to replace anyone's automobile.Air-wise, where the Transition is more at home, it has a range of 450 miles, with a top speed of 115 mph. You can stop into any Chevron or Shell for a fill-up: it uses standard unleaded automotive gasoline.
It's also as big (or rather, bigger) than a Cadillac Escalade, at least width-wise. An Escalade is 79" wide, while the Transition is one inch wider when its wings are folded. The Transition is 6'9" in height, and with wings extended, its wingspan is 27'6". Transforming to or from airplane mode takes 30 seconds.
While the flight was successful, this is just a proof-of-concept model. Customer delivery (they are taking pre-orders) is 2011. Still, it does fly. Watch the flight video attached to this post.