http://en.wikipedia.org/wiki/Tweel
They've been in development for several years now.
Here's the major drawbacks:
Quote:
The Tweel does have several flaws, however, the worst being vibration. Above 50 miles per hour (80 km/h), the Tweel vibrates considerably. That in itself is a big problem, but it also causes two other things: noise and heat. A fast moving Tweel is unpleasantly loud.[2] Also, long-distance driving at high speeds generates more heat than Michelin engineers would like, which might lead to premature failure.
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