Both the Terrafugia Transition AND the Pal-V made their maiden flights recently. For more on the Terrafugia, check out this link: http://www.eaa.org/news/2012/2012-04-02_transition.asp.
For more on the Pal-V, check out the maiden flight in this video:
And here is the Pal-V's website: http://pal-v.com/
Being a bit of a gyro nut, I kind of like the Pal-V design. It looks very promising.