This wing produces significant lift at low speed. It enables the aircraft to takeoff at very low speed and to fly almost stationary (or stationary is a good headwind
). Anyway, it also produces a herendous amount of drag so it's definately not a high speed application. It's a very simple mechanism with just a piston engine on the current prototypes running the fan and the fan acts as the propulsion device as well as helping to produce lift.
Basically the thing will probably replce helicopters for a lot of applications because it's very simple mehanically (unlike copters) and can fly very slowly. It'll also be a great aggricultural sprayer plane as you can dump the spray into the turbine and out it flies! Anyway, it'll never get a racing car - too much drag.