All VTOL aircraft have the same issue: Insane energy consumption. There's a reason why quadcopters have flight times measured in minutes, and why helicopters never came close to displacing small aircraft. This will be no different.
(Of course, Lillium's aircraft is battery-powered. But it's not fair to say that an aircraft capable of VTOL will always have a dramatically reduced endurance compared to a non-VTOL aircraft, especially since this one can transition to fixed-wing flight.)
This mode of flight is said to be ten times more efficient than the helicopter mode during VTOL. That is: for each minute that they can cut from flying like a helicopter during starts and landing, they gain ten minutes of normal flight time.
I think the energy argument does not apply that much more than for other small electric aircraft.