Terrafugia releases The Transition - A flying car.

Earlier this week, a Massachussets company named Terrafugia released "The Transition" - dubbed the worlds first street-legal airplane. While it's unlikely that The Transition will usher in a new generation of personal transportation, it does seem possible that more than a few Transitions will see the light of day. Wealthy individuals who might spend half-a-million dollars on a supercar may instead opt to plunk down the $270,000 for this year's coolest toy. Don't be surpirsed to see one of these coming in for a landing at your local airport. No word on whether the Transition will come with peanuts and an in-flight movie.