The first 'power on' for Boeing's (NYSE: BA) next-generation 787 Dreamliner, now set for June 2008, will be a milestone, but by no means the final hurdle for the new plane, says an analyst.

Boeing said it has overcome 787 parts shortages and that subsequent planes are arriving at the final assembly line in better and better shape, The Associated Press reported Tuesday.

Boeing is the first major aerospace company to use a decentralized manufacturing model for a civilian commercial airplane, and the company has experienced a series of related snags that have delayed the launch of the 787 by about 15 months. Commercial airlines are now expected to take possession of the first 787 planes in Q3 2009.

C. Leonard Bauer, an independent stock analyst, told BloggingStocks Tuesday that any more delays for the 787 roll-out and Boeing "will be the last aerospace company to use a decentralized manufacturing model" for a civilian commercial airplane.

787 power on: A stepping stone

"All initial plane assemblies have delays, but there's less tolerance for delays with the 787 project because one of its major features, one of the selling points of decentralization, was that it is supposed to be a simpler, quicker, more cost-effective assembly process," Bauer said. "Assembly delays, and contractors who don't fulfill work orders contradict that, which is why 'power on' is an especially big day for the 787." Bauer added that he does not have a rating on nor own shares of Boeing.

Boeing shares declined $1.57 to $85.49 in mid-day Tuesday trading, amid a broader market sell-off.

Power on is important, but not the last hurdle. 'Static' or stress testing will ensue, followed by air tests, Bauer said. "Think of the 787 as a car about three months away from the test track," he said.

If all goes well, the 787 will easily be the most fuel-efficient, creature-comfort-filled, commercial jetliner, Bauer said. Further, efficiency will be a major driver of sales, given record-high jet fuel prices, he said.