The flying vehicle is simply a vehicle that, well, flies. I know, you're thinking "um....an airplane?". Well, picture a vehicle that doesn't have wings, can take off vertically and fly horizontally easily, and doesn't produce a loud sound or wind. Well, that rules out helicopters too. Maybe something like this:

Image credit news.bbc.co.uk

You might have heard about the Skycar M400 being developed by Moller International. This is definitely a huge step to the flying car we see in science fiction. There are of course some things that need to be worked out. The price, for one; the Skycar, according to their site, will cost from $500,000 to $995,000, depending on what delivery position you want to be in (they aren't being mass-produced yet). However, it seems most complications have been ironed out in all the years of development since 1963, when Moller first began working on it. This vehicle runs on virtually any fuel source used throughout the world (diesel, natural gas, etc.) and gets 20 mpg with regular gasoline. Moller plans to have it FAA certified by December 31, 2008.