Ideas like this pop up from time to time, but there is a fundamental flaw: You can't get more energy out of a system than you put into it. In this case, you are storing the energy in the compressed air, the compressor that puts the energy into the air tank runs off of electricity, and the electricity is (most likely) being generated by burring a fossil fuel of some sort - you always end up right back where you started. In city driving, most of the energy is used to accelerate your vehicle from a stand still. You can recover a significant portion of that energy through regenerative braking. Once you get your vehicle up to speed, however, most of the energy is being used to push the car through the air. This can not be recovered (which is why hybrids get better mileage in the city than on the highway). So, this idea may might make sense for an urban vehicle like taxi or a city bus, but would never cut it as a replacement for a general purpose automobile.