This is the BionicFlyingFox robot developed by Festo (previously: their other robotic animals). In case you couldn't tell by the name, it was inspired by the flight of flying foxes (aka fruit bats -- the largest bats in the world). It can fly semi-autonomously by constantly communicating with a stationary motion-tracking system to make sure it doesn't fly into walls. I've probably already told you this before, but I actually caught a bat in a pillowcase once. It got trapped in my parents' screened porch and couldn't find its way out. I was a real hero that day. Every other day? "An absolute zero." And that's being generous.
Keep going for the video.
Thanks to Dunc, who dreams of flying. Me? I only dream of falling plus all my teeth getting loose and falling out.