"land on conventional runways"
Presumably it can already do that.
The question is whether it can be used again afterwards. And also, indeed, the runway...
Arianespace has put the launch of its IXV spaceplane back on the schedule, announcing a February 2015 date for the flight. The launch was recently postponed, but the organisation now says it's agreed with French space agency CNES that IXV – the Intermedia eXperimental Vehicle – will ascend to space on February 11 2015. The …
I wonder how long it will be before the/an English language ditches the initial "e" on "experimental", etc. so all these acronyms start making logical sense.
And for those wondering what the actual IXV space-plane looks like, I found this: http://www.esa.int/About_Us/ESTEC/Last_chance_to_see_ESA_s_spaceplane
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Nice animation at ESA’s IXV reentry vehicle mission
I admit it's possible that IXV's airbags might not actually be Bulgarian, but you've got to admit they are impressive.
If you have a look at the animation linked above you'll see it lands by parachute like just about every re-entry vehicle before it. The difference here is that re-entry is done forwards not backwards* and the flaps provide some degree of control at high speed unlike in a capsule design where at best you have limited controlled by shifting the centre of mass. I'm speculating here, but I suspect more control in re-entry would yield a fuel saving since you wouldn't have to pre-align your orbit with the landing zone plus it would give you more freedom in an emergency.
*Yes, I know, feel free to make your own joke.
"How the hell do you 'fly' a thing shaped like that? Hats off to the aerodynamicists if it's controllable."
With those two flaps on its stern. They're enough to bank the IXV to one side or another, and then aerodynamic lifting forces on the belly shove it in that direction. Or so says Wikipedia. :)
It's in some of the same territory as the NASA lifting body designs of a half-contury ago. Back then they mostly had tail fins, and were flown by humans without computer assistance. The point was that they didn't need wings for lift. And the first, the M2-F1 was towed behind one of those powerful American sports cars. The car needed engine tuning to get up to flying speed. Later tests had it towed into the air behind a C-47.
It's sadly lacking in space (and life support) to be a lifeboat. As it is, the Soyuz can depart at a moment's notice; no need to wait while the ISS disintegrates around you (worst case). That is unlike the Space shuttle, which needed to wait until an oportune moment to detach.