Yes.. it is another Japanese delight. And if they go into mass production as they say, I cannot imagine its implications. Can you?
Water-fuel car unveiled in Japan
(01:21) Reuter Report
Jun. 13 - Japanese company Genepax presents its eco-friendly car that runs on nothing but water.
The car has an energy generator that extracts hydrogen from water that is poured into the car's tank. The generator then releases electrons that produce electric power to run the car. Genepax, the company that invented the technology, aims to collaborate with Japanese manufacturers to mass produce it.
A few links to think positively and negatively.... do find time to check the comments too..
http://nohardtimes.bloggerunleashed.com/business/genepax-water-power-car-from-japan-exxon-mobile-beware/
http://www.engadget.com/2008/06/13/genepax-shows-off-water-powered-fuel-cell-vehicle/
http://www.ewatercar.com/2008/06/water-powered-cars.html#more-3