This concept is not exactly new. In the 1950s a Dutch company built 11 Kolibri's (Hummingbirds):
http://www.youtube.com/watch?v=8jhpUJLhQfs

http://en.wikipedia.org/wiki/Nederlandse_Helikopter_Industrie_(NHI)
And an American prototype:
http://en.wikipedia.org/wiki/YH-32_Hornet

All designs failed...

In the early Spring of 1997 I rode the Yungas Road in Bolivia by bus. The driver was a boy/man of maybe 18 or 19 years old, he hit a car right after leaving the busstation. At that moment I didn't know about the road, but if I had, I would have run.
Sitting in a windowseat in the back of the bus, I was actually hanging over the ravine in each right turn. Busses and trucks could only pass eachother in the turns, water from the moutains was flooding the road. I was really scared. I took a plane back to La Paz.