The proposed savior of Boeing's (NYSE:BA) commercial airplane division has yet to take off, although the prospects for the jet seem as promising as ever. Even so, until the program gets more altitude, the aerospace giant's stock appears fairly priced.

On Friday, Reuters reported that Vietnam Airlines received approval from the government to buy four of the Chicago-based company's new, highly efficient 7E7s, which are scheduled for launch in 2008. While this is good news for the firm, in the meantime, Vietnam Airlines also finalized the purchase of 10 Airbus A321 planes.

Since kicking off the 7E7 program in April, Boeing hasn't announced any sizable orders for the new aircraft. Indeed, the Seattle-Post Intelligencer recently reported that the firm is 148 jets shy of its sales goal of 200 orders for 2004. The business case for the 7E7 remains as strong as ever as fuel prices continue to squash airline profitability. For now, though, Airbus appears destined to take more market share from Boeing.

Boeing's defense side, meanwhile, continues to rack up impressive results. The firm is involved in all sorts of defense work, from networks to lasers, and like its rivals Lockheed Martin (NYSE:LMT) and Northrop Grumman (NYSE:NOC) it is enjoying a defense budget bonanza. Still, given Federal Reserve Chairman Alan Greenspan's recent remarks concerning the dangers of the growing budget deficit, fiscal sanity may actually return to Washington, D.C. Defense spending is a major priority of the Bush administration, but as the government strives to cut the red tape, some programs could get the ax.

Boeing is laying the groundwork to recover its position as a commercial aerospace leader, and its defense area continues to perform well. For now, though, there is enough uncertainty in the air to keep the stock grounded.

Fool contributor Brian Gorman is a freelance writer living in Chicago. He does not own shares of any companies mentioned here.