No, it's not. It's a modern multi-rotor, which have only been possible recently with computer control. No ducts, no (useful) ground effect. Ground effect craft have wings:
Easy to understand summary of helicopter ground effect, with pictures:
http://www.copters.com/aero/ground_effect.html
I note that the rotary wing ground effect works to a height of about the rotor diameter, so it's not clear to me that this is a useful effect with these small rotors.
Only if you sit on the inside ;) Highway noises are extremely loud, and engine noises on local roads, especially from trucks, are painful in some places.
It looks like a big multi-rotor with a saddle and pontoons. These are so simple that they'll probably work well enough.
Battery life is an issue that's not going away quickly.
I was wrong about that. Thanks to nradov above for correcting me.