Well..
Ultralights have existed for a long time, and in many countries they are essentially unregulated... Yet the skies are not filled with ultralights...
For that matter the waterways are not exactly filled with jetskis either (by filled I mean, take a look at a popular beach on a summers day, that is filled). Not going to happen... on that scale...
BTW, props for dwelling on the Coffin / Death zone.
People have to really realise that when dealing with aviation everything leads to death, except when everything works perfectly every time.

So now it's just like the Williams x-jet from the 1970's but with some stabilisation smarts built in. Unless I can fly one of these to and from work every day I'll continue to get my kicks from FPV racing drones, where I stay on the ground nice and safe while my $200 toy takes all the risk :)

"People have to really realise that when dealing with aviation everything leads to death, except when everything works perfectly every time."
BS... engines fail all the time. Planes will fly to the ground safely with just one or 2 engines, or with no engines at all, so will a helicopter auto rotate. There is risk and sometimes it does not work yes, it does not always lead to death.
It's just a matter of getting the safety anomaly to work with personal VTOL's redundant motors/engines is a start, perhaps use a ballistic rocket to blast you up to an altitude where you can deploy a parachute, yes that is likely not easy to implement and at what weight cost ? However it's an idea and a possible start, What is yours ?

Some type of airbag system?

Sadly, no mention of it looking so much like Dick Tracy's Air Car. True it doesn't have the windshield or bullet proof body.

Not sure I really want somebody flying a few feet over me whilst blasting hot high speed jet engine exhaust downwards towards me.

Already successfully built and tested for the military years ago flying platforms would be great to watch in demonstrations or to fly a couple times , but thats it .

At the bottom of the platform, they could build in as a part of it a Hydrogen Peroxide rocket motor. That would easily shove the pilot up a few hundred feet so a 'chute could be deployed. But the control for it would have to be designed so that it wasn't activated by accident or anything other than a real immanent emergency. Maybe something like the ejection handle of a fighter plane? Some serious amount of thought will have to go into engineering a safety system that has a reliability factor greater than the flying unit itself and a TON of beta testing to make sure that the death zone can be cut down. These units are not going to be given away for free like Obamanation phones in every other parking lot or street corner, so we won't be seeing lots of mid-air collisions with them. The costs will be much too high for just the average Joe or Jane to buy and operate one.
Randy

Two thing I have yet to see mentioned:
1) Cost. You have to know this thing will be prohibitively expensive.
2) Fuel capacity and burn rate. How long can this thing stay in the air?
BTW... Techtwit makes a very good point. High velocity scorching hot-air, only feet above my head? Yea, no thanks.

It will be interesting to see information regarding flight time and/or range. To Techtwit's comment, absent from most discussions on air taxis and the like is any discussion of propwash and its affects on things under and around it. This will be a toy for some, or a device for military or search & rescue. Probably expensive, not terribly efficient, and never in large numbers. But it is way cool.