This is a standard turbine engine with a positive displacement compressor and turbine instead of centrifugal. The heat recuperator is nothing new either. Actually, I have often wondered why there hasn't been more development in this technology before.
You'll like this ....http://www.turbinecar.com/top.swf
There have been dozens of alternative engines devised as a means of propelling cars and trucks, but none of them have every panned out, except maybe the Wankel which has had some limited success. As a rule they almost always have big caveats attached, such as not operating efficiently over the necessary speed range (think turbines), and/or requiring materials and or machining which either don't exist or are extremely expensive. Turbine engines could be good in a hybrid type arrangement, where the engine would only be connected to a generator, and run at a constant speed. Turbines, however, while conceptually simple, in practice are very complicated despite the lack of internal moving parts, and expensive.
And then there's the inertia of the huge installed base of reciprocating-piston internal-combustion engines, and the equipment that makes them. Due to a century of engineering experience with them, they can be made durable, robust, compact, and possibly most important, fairly cheaply despite the vast array of moving parts. Would you want to be the first to buy a completely new engine design in production?