Please see the most recent updates in the "Where did the .com name go?" thread. Posts number 16 and 17.
I think sometime in the future somebody will rediscover this concept and use it for expedite transoceanic shipping.....
Beriev has a fascinating concept
http://en.wikipedia.org/wiki/Beriev_Be-2500
This 2500 ton monster would start in ground effect, and as it burned off fuel, fly to 30,000ft for the fast middle sector.
The last bit would be back in ground effect, and would dock as a ship.