Here a few details of the forthcoming hovercar system in Israel, operational in 2015. Initially the cars will go about 43 miles per hour, following a 1,640-foot-long test guideway at the Israel Aerospace Industries campus.
Once testing is complete, the city of Tel Aviv will construct a 4.3-mile-long guideway, with 2-seater cars capable of 150 mph. If and when that succeeds, traffic as we know it will fade into history.
There are no cup holders, however.
For actual information, see skyTran's site and/or check out my gallery of UAVs (a.k.a. drones), commercial planes and flying cars.