the bicycle wheels seem like a pointless addition to this vehicle. you wouldn't be able to ride it on the ground safely with those lift fans, and landing on two wheels would be rather unsafe, so why go with two wheels? a four wheel platform would be more stable on the ground, and easier and safer to land after a flight.

Agreed Mark—this looks like a 21rst century version of old films of comically wacky flying machines at the dawn of the 20th century.

The very definition of vaporware.

Vapourware.

Isn't this called a helicopter?

The flight weight has been determined as 170kg (374 pounds), including the pilot, the difference being the losses (efficiencies of the components) and some for a power backup."
I would optimistically estimate this contraption to weight about 150 pounds at a MINIMUM. Now all that is needed for success is a pilot weighing in under 20 pounds.

no way. would i. ever get on. that thing.

The only viable method is 2 large as possible counter rotating rotors, no ducts, above on a trike frame as no one could ride it or the example as a bicycle.
Lift/thrust depends on rotor loading so not set. Using 2 10' blades would give them at least 2x's the lifting power of their design at 50% of the weight of rotor system. Plus reliability is 5-10x's better by many fewer parts.
One would have to wonder if these designers have ridden bikes or helicopters or just have some good smoke..

The easiest method is a helicopter with everything folding, converting to a car on landing with engine Power diverted. Its that easy.

This looks familiar, you should check out this aussie guys work;
http://www.gizmag.com/hoverbike/18813/