Flying cars may now be a bit closer to reality. The Skycar 100 LS and Skycar 200 LS are designed to take off like a helicopter, fly like a plane and be street-legal for short-distance driving. The Terrafugia Transition will fly at 93 knots and, upon landing, fold up its wings and get 35 miles per gallon on the highway. Terrafugia hopes to deliver its first plane by the end of the year, but challenges remain.