The Hoverboard is a device that allows the player to fly, similar to wings. Unlike wings, however, it allows a player to hover. When it is equipped, the player is able to fly 86 blocks (172ft or about 5 seconds) vertically making the Hoverboard slightly better than tier 4 wings. This item is an evolution of the Flying Carpet not only because of the higher vertical distance it goes, but also for the ability to stop in midair, to fly, and to fall slowly. Holding down while flying triggers hover (which still consumes flaps at a reduced rate), and moving left or right in this state will allow near-asphalt flight speed.
Gliding while reversing gravity sometimes allows walking on the air for an infinite amount of time.
Releasing S while gliding under a roof with single holes in it allows you to pass vertically through 1 block gaps.
If you somehow manage to wear 2 Hoverboards (likely with an Inventory Editor), you have a chance to get unlimited flight in every direction.
The Hoverboard is an extremely versatile movement item which can effectively replace a Horseshoe Balloon and Lightning (or Spectre) Boots and a pair of wings since it allows flight, negates fall damage and moves very quickly horizontally. The only possible disadvantage is low vertical acceleration as opposed to jumping, possibly making dodging projectiles vertically more difficult (on the other hand a Hoverboard makes it extremely easy to dodge projectiles horizontally).
If you glide using the Hoverboard and touch the ground while holding the same buttons, it appears that the player continues to "skate" along the ground. This is due to the hoverboard quickly touching the ground and continuing its flight, making it appear as though you are flying infinitely (useful for crossing skybridges).
If you hover with the Hoverboard, and stop pressing all the keys, you will conserve momentum, being thrown running in the direction you were hovering.
The Hoverboard has "thrusters" on its sides and under it. However, it will never show all of them firing at the same time, even if the player is going left or right while flying.
Like other Wings, the Hoverboard is not compatible with capes and cloaks worn in accessory slots, such as the Crimson Cloak, due to clipping issues. Any time the Hoverboard is visible and deployed, your cape or cloak will disappear. Cloaks will also be invisible when the Hoverboard is not in use unless you hide your hoverboard from your inventory screen.