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This thing has appeared in Popular Mechanics since the early 70's. Sure is taking long enough to get it flying and produced, can't be very fuel efficient. I guess this will be the next thing on TV after the commercials slamming SUVS have run their course.
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I don't know about it not being fuel efficient, if everything the website says is true, it gets somewhat good gas mileage:
Passengers: 4
Top speed @ 20,000 ft: 380 mph
Cruise speed @ 29,000 ft (80% Max Range): 300 mph
Cruise speed @ 29,000 ft (Max Range): 210 mph
Cruise speed @ Sea Level (Max Range): 140 mph
Maximum rate of climb: 5500 fpm
Maximum range: 900 miles
Net payload: 750 lbs
Fuel consumption: 28 mpg
Operational ceiling: 29,000 ft
Gross weight: 2400 lbs
Installed engine power: 645 hp
Power boost (emergency): 70%
Dimensions (LxWxH): 19.5' x 8.5' x 7.5'
Takeoff and landing area: 35 ft dia
Noise level at 500 ft: 65 dba (Goal)
Vertical takeoff and landing: yes
Uses automotive gas: yes
Emergency parachutes: yes