Yes, it has a flat wing. Just like a FlatOut, but huge!!
RCManiac119 reported 3lbs 4oz with an OS55AX. It uses a 5/8 Liteply plate to mount the engine, 2 1/2x36" CF tubes in the wings and fuse (a la mojo) to strengthen it, and a smaller CF tube (i think) in the horizontal stab. Apparently, that insulation foam is completely fuel proof. May have something to do with the paint he used, I'm not sure. I've seen horrendous crashes with perfectly fine carbon fiber pieces left over. If any part of the plane IS damaged, only about 10 of those 50 bucks is going to be damaged. The rest is in glue, a huge sheet of ply, and the CF rods. Also, foam is pretty easy to fix. One more point is that damage is done to a plane by a rapid loss in momentum (a crash). Less momentum=less crash. The plane weighs 3lbs. It's also not designed to fly fast AT ALL. momentum=weight*velocity (p=mv). Low weight times low speed = low momentum, less damage in a crash. PLUS, it's designed around the all-mighty Mojo. As I have no experience with the plane, though, I can only speculate.

The way I've always thought a plane flies by differential air pressure caused by the Bernoulli Principle of high pressure/low speed and viceversa caused by an airfoil penetrating a fluid. Air flows over an airfoil in equal times (different speeds though), and to create lift it would need to flow in UNEQUAL times. The way lift is actually generated is by a surface deflecting air downwards. Newton's 3rd Law of motion (ever action has a reaction) means that as the wing pushes air down, the air pushes the wing up. Therefore, no airfoil is required.