Is the Terrafugia "flying car" destiny for America's transportation future?

We all knew that someday this was bound to happen. the Jetsons car of the future has become a reality. the Terrafugia flying car has arrived. i watched the video in amazement, when the car dropped its wings and sailed down the runway into the open blue skies. Mr. Terrafugia will become a richer man. what now? the government approved this test flight. does this now mean a whole new set of rules and regulations for the airways? will there be air traffic cops?