The Fan Wing

http://fanwing.com/

I also found an addon that is similar for X-Plane, but unfortunately X-Plane doesn't appear to have a clear understanding of this concept. You can get it here:

http://www.x-plane.org/registry/107_Custom_Designs.shtml

It's a pretty interesting concept. However, I can imagine how ugly the planes will look.

This is one of those really good ideas that's not really such a good idea. Supposedly it will glide respectably if the engine quits, but I see maintenance issues. To distribute the torque evenly along that span, etc...I dunno. It's not the mos efficient use of a powerplant; that's obvious.
It probably is too complicated; I agree with Doug.
Call me old-fashioned, but I like to have the wings reserved for lift, and the thrust produced elsewhere.
I know helicopters are wildly successful despite not obeying that rule, but they're only a little more complicated than this thing and their amazing utility outweighs the high cost and risk.
 
The other thing is that unlike with a prop, I don't think this arrangement would be favorable in the event of a bird strike...
Hell, the buildup of bug carcasses alone would probably be a problem. Have you ever seen a leading edge of a wing so embedded with insect blood that it won't come out no matter how much you scrub? I have...and I tried, believe me.

This is a cool idea. In fact I've actually thought about the concept, and I'm glad someone is researching it (because I probably never would). However, I don't see it ever being used for anything practical simply because it's just so different.