No, this is a real item. Last I heard, it wasn't for sale yet, just in development. (I first heard about it in Popular Science a few years ago.)
While it's not great for 'high speed', it's adequate for up to 80 mph, which covers legal freeway speeds.
The big problem, though, is that it's a rough ride. (According to Pop Sci, at least.) Not quite as bad as a solid rubber tire would be, but rougher than even the most highly inflated pneumatic tire.
(I also find it funny that in Michelin's 'about' photo, it shows a 'deformable wheel' that appears to be made out of composites or something, yet in the real photos of it on a car, it appears to have a conventional metal wheel.)