Curbed LA calls it a "car-eating bus", but that's not exactly right, since this unique design allows cars to drive under and come out the other side. The designers say it could work on rails in the road or on wheels with a autoguidance system.
Brian Osborne at Geek.com says, "The idea for the 3D Fast Bus, as it is being called, is not that farfetched. The project promises a 20-30% reduction in traffic jams and its building cost is only 10% of what it would cost to build an equivalent subway."
Animation illustrating how it would work comes in about :45 seconds into the video: