My father has these plans to develop a VTOL aircraft. It's similar to a channel wing but with a big duct and a tilt rotor as well. You can find out more info at http://aliptera.com/
It's actually why I got into quadcopters and the various technologies around it, to learn how to build prototypes for him.
After seeing jihlein and jhitesma's singlecopters we thought (around oshkosh last year) it wouldn't be too hard to add our concepts to a singlecopter. So we built our own, during xmas at a myrtle beach hotel.
We ended up with this monstrosity:
It had a 12 inch propeller, pretty big battery (2200mAh gave it about 3 minutes of flying) and it was very slow.
It also had to these intake things, called lipwings. They're supposed to increase suction on that side, giving it some more control and improving lift.
Here's a flight video of it, indoors (lipwings fully extended):
We flew it outside a little bit too, but eventually crashed it pretty badly. Turns out that if you set the attitude too high, there's no going back. The control surfaces do not have enough torque to make it rotate back to vertical.
Thrust to weight ratio was pretty bad, we originally wanted to use a 5000mAh battery, but it couldn't even lift from the ground.
Another craft was to be made.
To be continued... (very soon)