I made a post with a video over here: viewtopic.php?f=29&t=552
This is the slightly refined demo:
Works by just calibrating the left side, 4 red spheres will appear at each calibration point.
Press Left #4 to start calibration
Arm straight up, L4
Arm Forward, L4
Arm by side, L4
Arm out at shoulders, L4
hands should now be synced up
Left #1 = toggle flying/walking mode
Holding still reorients your body.
Left stick = move and turn
Your hands are the source of propulsion, they will pull at your body from their location and rotation.
Thumbsticks = Thrust Direction for that hand
Triggers = close hands for speed boost
EDIT: Updated with new instructions (video flying lessons still uploading when i made this update)