This concept has been around for many decades and has persistently run into real-world constraints resulting from failures in lubrication etc. While F1 engines do indeed spin up to 20,000+ rpm they are rebuilt after every race - not a prospect that would entice the average commuter ("Hey Joe, where's the car?" "Oh, honey, it's getting its engine rebuilt again. I took it on the school run this morning."). They also use expensive alloys that would result in significant price increases for any vehicle using them - once again, not exactly a great marketing proposition.

As is always the case, it's important to look behind the press release hype and determine the real-world facts before becoming overly excited about some supposed new miracle whatever.