One of my all time favorite dreams was one that I had about 5 years ago while in high school. I was flying above a lake surrounded by forest. The reason this dream was so good was due largely to the fact that it was a lucid dream and it was just plain fun to fly.

According to Working With Dreams by Ullman and Zimmerman, some of the possible metaphorical implications for flying may be:

"I feel pleased, satisfied, high about something I have done.
I feel competent, effective, powerful in relation to a recent happening in my life.
I feel special, different, in some way superior to others.
I am surprised at the discovery of some unusual ability that I didn't know I had.
I am sexually potent, my penis is up."

It is estimated that more than one third of those who regularly remember dreams have had at least one flying dream. Creative types are more likely to have these dreams than most others and it has been reported that Olympic athletes have a tendency to have these dreams after (and sometimes before) a winning experience. It is also fairly common for handicapped people to have these dreams.

Flying dreams can be traced back to earliest recorded history (the Babylonians and Egyptians).

From the Flying Dream FAQ:
"Flying dreams are related to the vestibular system, which regulates body equilibrium. With this in mind, lab research confirms that certain physical stimuli that affects balance can induce flying dreams when the subject is asleep (wearing a blood pressure cuff, rocking in a hammock, raising and lowering the bed). In the laboratory, lucid dream subjects have more flying dreams than do nonlucid subjects. As measured by an electrooculogram (record of eye movement), a lucid dream of flying took the same time as the dreamer's account related upon waking."