Me and some of my friends have been working on a drone. We recently managed to get it to the point where we were comfortable to try a 'hop test' where you launch the drone and land it immediately.
The drone is built from the MR4 Kit found here, If you buy this kit, be prepared to throw out the ESC's and some of the connectors. They also are lacking in wiring instructions, but the Arducopter wiki helps with that.
Runner Up in the