This does look like a ton of fun, though the "hose" attachment didn't seem to go too far. It's also not cheap. But kudos to the developer of the thing! It's an incredibly original invention and application. Plus, since it runs in the water and is attached to something you can't go too high and there's a smaller risk of injury.

Also, I chuckled at the pun of calling this "vaporware" :)

"incredibly original"

Well, we can't be sure about that: ;)

http://en.wikipedia.org/wiki/Super_Mario_Sunshine

I'm sure with a more powerful engine (which is planned), longer hoses will become possible. However, it says that the drag caused by the boat added significant stability during forward flight, so a short hose attachment actually increases the quality of the flight.

If it's not too expensive I can definitely see this becoming very popular. Looks way more fun then a jetsky.

They say it's planned to cost $130,000. You can get quite a few jet-skis for that.