Boeing says its on-track for Q4 first flight for 787 Dreamliner

"I think that even though there's been no leap in the stock today, the markets and Wall Street were gratified, maybe just a little relieved, to hear Boeing announce that Q4 [2008] is 'steady as she goes,' " Bauer said. "We've had so much bad news lately regarding the market, the economy, and oil prices that mildly good news is appreciated not so much for its content but the fact that it didn't contain bad news," Bauer added.

Oil prices, economy affect 787 orders

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

However, Bauer cautioned that if oil prices continue to increase above existing record-highs, order demand destruction may occur, with airlines canceling 787 orders (and other plane orders) amid reduced leisure / business travel. "Fuel efficiency is a driver of 787 orders because a very real financial incentive exists for airlines to replace ageing planes," Bauer said. "But those planes have to fly filled, and high oil costs could slow travel demand to the point where airlines have to cancel or delay 787 orders."

United States-based Boeing and European Union-based Airbus are engaged in a global battle for not only for market share of commercial airline miles flown, but also regarding which air travel model will best meet the needs of air travelers in the initial decades of the 21st century.

Boeing argues that point-to-point, fast, creature-comfort-filled air travel characterized by the next-generation Dreamliner, will be the era's defining air travel flight. Conversely, Airbus argues that superjumbo air travel, which features lower ticket prices, larger seating capacity and longer ranges, will be the flight most preferred by airlines and air travelers.