Well, the reality is that curious minds have been thinking about the concept for a long, long time. Here is the idea developed by a young Czech guy Jan Tleskac who had conceptualized the contraption shown in this YouTube video:
So do you need a flying bicycle??? I would say NO! that is what we have airplanes for 🙂 !!! I have no problem with pedal powered flying craft, but make it behave like a plane….not a bicycle!