Flanked by two smaller jets, the first Boeing 787 lifted into the gray Everett sky Tuesday, to cheers from perhaps a thousand Boeing employees watching from the ground.

Before the flight, hundreds of aerospace journalists from around the world huddled on a high berm paralleling the runway, turning their backs to the cold, wet breeze and swapping stories of other Boeing first flights.

The first aircraft, code-named ZA001, taxied to the south end of Paine Field’s main runway directly in front of the reporters, showing off some of its most distinctive features: the sculpted tail, the sleek taper to the nose and cockpit, the wings’ sculpted curves, and the jagged aft edges of the engine nacelles, which help reduce engine noise.

A large exhaust cloud briefly swelled as the engines spooled up for takeoff, and then the 787 started to roll. It rotated to takeoff position, then slowly climbed into the leaden sky, its landing gear still down. The takeoff noise level was noticeably less than for a comparable Boeing 767, the reduced sound being one of the features of the new jet.

The plane’s historic inaugural flight of three hours was to end at Boeing Field in Seattle.

The Dreamliner is Chicago-based Boeing’s (NYSE: BA) newest aircraft and has accumulated 840 orders, the largest ever for a new aircraft. The aircraft is being assembled at Boeing facilities in Everett, although the company recently decided to create a second production line in North Charleston, S.C.

ZA001 is in fact the same aircraft that Boeing first rolled out to the public on July 8, 2007, a date chosen to match the aircraft’s 787 model number. But the aircraft at that time was a mere shell of an airplane, lacking most operating systems, and with various airframe structures fastened together temporarily for the rollout. In fact, actual bolt heads could be seen sticking out from the aircraft’s composite skin at that time.

The Boeing 787 incorporates a number of firsts, in particular its nearly all-composite construction and a new approach to assembling the plane that has delegated much of the design, as well as assembly of major sections, to a handful of tier one contractors and their suppliers around the world.

Both of these changes contributed to more than two years of delays for the aircraft.

The assembly model was riddled with problems; several suppliers were running late and most of the suppliers were plagued by a shortage of fasteners early in the program. The composite construction also generated problems, most notably when delamination developed in the wing-to-body join during early stress testing, which required more months of delays as an add-on fix was designed and installed.

Boeing competitor EADS has had its own share of problems with its much-larger Airbus A380 and with the military A400M freighter. Both of those have also been delayed by about two years because of technical and production problems.

Airbus is now developing its new A350XWB, an aircraft slightly larger than the 787, to compete against it and also against the even-larger Boeing 777.

Analysts have said the fact that Boeing’s 787 order book dipped by only about 100 during the two years of delays suggests that Boeing did a good job of designing an aircraft that will offer lower fuel consumption and lower maintenance costs than aluminum aircraft including the older Boeing 767 and Airbus A330 aircraft, which are in roughly the same category.

Local and national officials were quick to weigh in on the airplane’s first flight.

“Today’s maiden flight of the Boeing 787 Dreamliner is a game changer. It marks a new level of technological excellence by combining the world’s best jet fuel efficiency with lower emissions, a more comfortable passenger experience and a quieter environment for airport communities,” said U.S. Sen. Maria Cantwell, D-Wash., in a statement.

Union officials were also gladdened by the flight.

“This represents a triumph of the skilled engineers, technical workers and machinists who work at Boeing and Spirit AeroSystems (in Wichita, Kan.). Seeing the 787 take flight is a moment of great pride for everyone who played a part,” said Ray Goforth, executive director of Society of Professional Engineering Employees in Aerospace (SPEEA), in a statement.

Local officials also weighed in on the flight.

“Today’s first flight of the 787 is a major milestone for Boeing, its workers and our community. Today’s flight is a tremendous gift, and it takes us enthusiastically into 2010,” said Everett Mayor Ray Stephanson, in a statement.

The 787 has seating for between 210 and 250 people and has a range of 7,650 to 8,200 nautical miles.

The plane’s cruising speed is Mach 0.85, or about 653 mph.

Right now, Boeing said, a total of 55 customers from six continents have placed orders for 840 787 airplanes valued at $140 billion. The list price is between $161 million to $171.5 million per plane.