Cost Weight Description
$35 45g Raspberry Pi model B
$12 2g USB wifi adapter
$25 2g adafruit's L3GD20 Triple Axis Gyroscope
$25 2g adafruit's LSM303 Triple Axis Accelerometer / Magnetometer(compass)
$15 6g adafruit's PCA9685 16 Channel 12-bit PWM / Servo driver
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$112 57g
Cost Weight Description
$12 280g Q450 Glass Fiber Quadcopter Frame 450mm (~ 17 inches)
$44 188g (4) HobbyKing 30A Blue Series Brushless Speed Controller
$128 316g (4) NX-4008-620kv Brushless Quadcopter Motor 620RPM 30A 180W 79g
$3 45g (4) 8045 Propellers 2CW/2CCW
$33 335g Turnigy 4000mAh 35C Lipo Pack (nano-tech)
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$220 1164g
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$332 1221g Combined, thats approximately 2.7 pounds
I'm sure you can do it cheaper and lighter, I started out just purchasing the sensors to go with my Raspberry Pi to see if I could write a controller I'd be happy with. I'm getting closer, but it is still a work in progress.
The IMU tells you where you are at (Yaw,Pitch,Roll). I need to write a flight controller that takes that, and applies the desired direction from the Remote Control to determine how much power to apply to the motors.
For the Remote Control, I'm thinking a simple interface on a phone/tablet that communicates to the quadcopter via wifi.