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Gersh told me flatly that this plane will "not be the Model-T." The Transition runs $279,000, which is in line with entry-level planes. The company has 100 orders, even though financing options are not yet available. Gersh sees it as the perfect club, school or co-op aircraft.

Like all American dreams, the Transition needs capital. Terrafugia has just finished its latest round of test flights and the business has come to New York to capture some media love -- and investor interest. Gersh says the company needs some $5 million to get the Transition into mass production.

"More would be better, but we have a clear path to profitability," Gersh said.

I asked him: Could his operation be the poster child for an American recovery?

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"It changes the equation of the personal flight," nodded Gersch. "It's exciting to watch a good idea become a good business."