The AirBike concept is definately on the way-cool side of the flying-car conceptual range — perhaps the only flying sportbike ever seriously considered. The vertical takeoff and landing (VTOL) craft uses a novel assemblage of fans to achieve directional thrust, and employs an complex means of air channeling to achieve airborne stability. The "bike," which will likely use a rotary engine to drive the fans, will use Doppler radar, GPS or beacon tracking for navigation. We have no idea whether or not it's viable, but we'd sure as hell give up our lunch money to further the cause.
The AirBike VTOL Personal Aircraft [Allied Aerotechnics via Transport Trends]
Related:
The Cell Craft: A New Urban VTOL [internal]