Is it a ship, is it a plane?

 The Lun class Ekranoplan, an ambitious project that now lays at rest on the shores of the Caspian Sea

Should more innovations like these be the main focus of militaries around the world? Why or why not?

The Lun-class ekranoplan is a ground effect vehicle (GEV) used by the Soviet and Russian navies from 1987 until sometime in the late 1990s

Although it may look similar to a traditional aircraft, ekranoplans like the Lun are not classified as aircraft, seaplanes, hovercraft, or hydrofoils. Rather, crafts like the Lun-class ekranoplan are classified as maritime ships by the International Maritime Organization since the craft glides just above the surface of the water at about 13 feet (4m)

Contrary to it's classification by the IMO, its speed was comparable to an aircraft. Eight turbofan engines mounted on the Lun-class provided a maximum cruising speed of 295 knots (340 mph, 550 kph). This speed is extremely advantageous when equipped with 6 cruise missiles for anti-surface warfare, or for quickly transporting equipment

Although multiple were planned, only one Lun-class ekranoplan was built for the Soviet/Russian navy; which now lays to rest along the Caspian Sea.

The Lun-class (harrier) ekranoplan (NATO reporting name Duck) was a seaplane designed by Rostislav Evgenievich Alexeev and used by the Soviet and Russian navies from 1987 to sometime in the late 1990s. This ground effect aircraft used the extra lift generated by its large wings when close to the surface of the water (about four meters or less). Lun was one of the largest seaplanes ever built, with a length of 73 m (240 ft), rivaling the Hughes H-4 Hercules ("The Spruce Goose") and many jumbo jets.