The Palm Z Micro Plane is a lightweight flier controlled by infrared remote control. What's really awesome is the plane's bi-wing design and flaming paint job. Then there's the remote's tri-band functionality, allowing for three of the planes to fly in the same space, so you and your friends can trail one another under the dinner table and try to knock the planes out of the sky.
Since the Palm Z is made out of foam, you don't have to worry about crashes, either. Each flier will set you back over $40, though, and the controllers take six AA batteries. Cheap for an RC plane, but maybe not a tiny one. The planes include a lithium polymer battery inside that holds a ten minute charge for five minutes of flying. [Firebox via Shiny Shiny]