MEANING: noun:
1. A ship that carries the fleet commander and flies the commander’s flag.
2. The best or the most important of a group of things.

ETYMOLOGY: From flag, of obscure origin + ship, from Old English scip. Earliest documented use: 1672.

FLAGSHIP - a vessel that carries pennants, banners, gonfalons, and such

FLOGSHIP - a boat propelled by malfeasants shackled to oars (see also FLAYSHIP)

FLATS HIP - shoes without heels are all the rage these days