Sure, the Terrafugia Transition took to the skies for the first time at the 2012 NY Auto Show, but it has yet to fly and drive in front of an audience -- until now. The "driveable plane" did two laps around the field at this year's EAA AirVenture airshow in Wisconsin, once up in the air and once on land, as you can see in the videos past the break. In between the laps, it transforms from an airborne into a land vehicle by automatically folding its wings flush against its body. Despite the successful demo, it'll take a while before we see a Transition on the road -- Terrafugia plans to build a third prototype of the $279,000 plane / car before it begins production. Millionaires and supervillains, take note: you can pay a $10,000 reserve fee for one, but don't expect it to grace your driveway or hangar until 2015 or 2016.