The FP does hover, and hover fairly well. But it not a stable hands off kind of hover, more like the high performance CP types of heli's.
anyway with that stated, I must have failed 300 times or more trying to get my Novus FP to hover. Now I can hover it quite well and it actually feels stable. But it is always moving around, ready to flit off in a flash if you let it. It is a higher performance kind of heli, so it takes a while until your hand and eye coordination gets ahead of the heli.
First the sticks are very sensitive, it would be nice to have dual rates and exponential on them, but we don't. So you need to learn to be easy on the stick movements, just a little bit will do. also on take offs, one had to, sort of, blip the right cyclic a bit to get it off without leaning over to the left. Once it lifts off it is usually stable as it gets out of the ground effect down close to the floor.

here is one video of me doing some hovering practice, yeah they turned the lights off right before I started this practice run. There is a shiny spot on the floor at the outer circle painted on the floor where the light is reflecting up and that is where I put the FP at to start out with, you'll see where it can quickly get away from you when mine flits off to the left rear on me.:
http://s248.photobucket.com/albums/g...muchbetter.flv


A more experienced heli flyer asked if he could try it out a little, so i let him, and after about 30 seconds getting used to the sensitive sticks and the twitchyness, he had it going in circles, and figure eights and banking over, etc. so it appears to fly really well, if you have experience flying helis.