I did a 7 minute way point flight last week, it was a touch unnverving to have to have it go over 1000ft away from where i was stood, but true to its nature it happily completed the 4 point flight i had set without any issues, the only thing i dont like is that it doesnt auto land after completion, it just hovers above the home point, this is only for the app based version, from what i have read and understood the PC ground station system does in fact land the craft (confirmation needed), if you use a small screen phone such as the Iphone 4 or similar then its a bit fiddly setting up waypoints, especially adjusting the height of each one.
FInd a nice sized field and try a short one first, and then move on to a longer further flight.