It looks like a HOAX, the video doesn't show the vehicle in a test fly, or during a take off. 98% of the video either shows the vehicle going on the ground just like other non-flying cars or shows people discussing about a flying car.
http://www.youtube.com/watch?v=pN6IlPBNRMQPlus when people say "flaying car" I expect a sci-fi like flying care: that it can hover and fly vertically, not have a parachute-like thing attached to it.
This one really almost looks like an april fools joke.
It is highly unlikely the FAA would issue a S-LSA[1] aircraft airworthiness certificate to a hoax.
How angry will the birds be when I tell them they are doing it wrong?