Does it fly? Sorry, no, not even close. It doesn't even generate any measurable thrust... So you will have to use your imagination for that part. But the two programs provided control the four rotors independently and show two basic strategies that real quadcopters use: translating remote control inputs to rotor speeds to control thrust and steering, and automatic self-levelling flight using a gyro sensor.
Although you can't see any thrust effects, you can notice slight twisting motions when running the quadcopter balanced on the stand. This is due to the reaction effects of the changing rotor speeds, which is something that real quadcopters need to deal with (or can use to their advantage in some cases). For a project that explores this effect in a very noticable way, see the Reaction Wheel.