[onewhippedpuppy]

These guys have been working on one for a long time.

The Transition® | Terrafugia

They do have a flying and driving test article. Last I read, they were finding it very difficult to meet auto crash regulations without compromising their flight ability. Crash safety typically drives weight, weight is death to an airplane.

Personally I've never got the entire flying car thing. In reality you have to drive your flying car to the airport, transform it to a plane, then fly away. They are typically mediocre cars and mediocre planes because of the compromises required. I'd much rather drive a good car to the airport, park it at my hanger, hop in a good plane, then fly away.