Make no mistake, Terrafugia's outlandish airplane / motorcar hybrid has been on the drawing board for years, but it looks like the rubber is about to hit the proverbial road (or take to the skies, whichever) this July. A team of ten is working feverishly to ready the Transition for its debut at this year's AirVenture, where it hopes to catch more than a few eyes with its zany "roadable aircraft." As you can likely guess, this thing is meant to both fly and drive, and yes, that means it'll have to pass safety regulations from both the Federal Aviation Administration and the National Highway Traffic Safety Administration. If all goes well, the startup expects to deliver its first vehicle to a customer in 2009, while mass production isn't scheduled to happen until 2012. We're no experts in the field, but it seems like it'll take a Christmas miracle for either of those feats to actually be accomplished.