This is the Hoverbike, a flying machine that is terrifying and awesome in equal measure. Unlike a flying car, which puts the rider in a relatively safe cocoon before firing him off into the sky, the Australian Hoverbike is a flying equivalent of a regular motorbike. According to the makers, the Hoverbike is remarkably stable, and all parts are designed with triple redundancy should something go wrong. There is one other big advantage over a regular helicopter, too: you can wear a parachute (the bike also has a pair built in).
Check out these photos of the Hoverbike, and check out the project at the Hoverbike site.