The Aeromobil 3.0 flying car looks like something straight out of Robotech, and it really does fly!

MotorAuthority has the whole story:

The Aeromobil transforms from plane to car by folding its wings behind the cockpit. They fit alongside a boom that houses a shaft for the rear-mounted propeller, and serves as the mounting point for the flying car's tail. Despite all of the extra bodywork, the Aeromobil will supposedly fit in a standard parking space, and run on pump gas. However, given that the Transition's Rotax 912 engine runs on 91 octane, Aeromobil owners may have to splurge for premium as well.

More at the Aeromobil website, including photographs of the earlier 2.5 prototype. Below, artist's renderings of the 3.0.