Basically, yes, except that SkyTran has been around for many years (since the 90s I think), and their system uses elevated maglev rails, not wheels (wheels are

Basically, yes, except that SkyTran has been around for many years (since the 90s I think), and their system uses elevated maglev rails, not wheels (wheels are used at low speeds). Unfortunately, SkyTran hasn't gotten too far either; they're supposedly building a test track in Tel Aviv that will be finished in 2015... This company looks like total vaporware stealing the SkyTran concept.