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The idea does sound promising, however the technology that exists for Mag-Lev wouldn't work on a road, for much the same reason that our cars don't run on rails, namely that in order for it to go somewhere other than it's pre-set course, required a physical change in the orientation of the rails (Mag-Lev is just another sort of rail in reality). Theoretically it should be possible to create a system in which individual vehicles hover above a magnetically charged roadway using magnetic repulsion to both hover and direct themselves, however there is currently no reason to create such a system for several main reasons:
The first and most of obvious has already been mentioned here, the prohibitive cost of implementing such a system on a national scale.
The second is that of speed. Mag-Lev was designed to allow faster trains by removing friction, however with a human controlled vehicle this is pointless as the speed limits in place are unlikely to be changed, as human reactions are not reliably good enough to deal with traffic moving at several hundred kilometres an hour.
Thirdly the actual running of such a system would be pointless, the individual consumer would spend more running a vehicle because the energy used to raise the vehicle of the ground is higher than that saved by removing friction, plus the machinery is far more complex and thus harder to maintain. Road tax would increase at least a hundred fold to cover running costs of the magnetic roads. Mag-Lev trains cost far less as they require only the section they are currently above to be magnetised in comparison with a road system that would have to be constantly magnetised in it's entirety as the vehicles would be separately controlled to the roadway.
The fourth point is usefulness, introducing Mag-Lev roads would limit the use of a car. Trains follow a pre-set path, whereas road vehicles go all over the place. Mag-Lev vehicles would be incapable of off road movement, unless it's being proposed that such vehicles also have wheels.
All in all you're better of waiting until someone can reliably produce a Heim drive (artificial gravity drive) then we can all have our own private "Nebuchadnezzar" (Morpheus' ship in the matrix) or at least something like the "Mule" from Firefly/Serenity.
Sorry for raining on everyone's parade. I'll go away now.
"So Schrodinger's Cat is not only neither dead nor alive, but might also be sexually aroused by elbows and peanut butter?"
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