There is a follow mode where the multiwii will connect to my cell phone via bluetooth. My cell phone will then tell the octocopter which direction to head to follow me (using GPS coords).
Technically, I should be able to ride my bike and have it follow after me, but I never bothered trying it.
I do have return to home and position hold functions working. There's about a 2-3 foot variation where it moves around even though you told it to stay in that spot (mostly due to the barometer not being super accurate), but if you're 500 feet in the air, there's no way you could tell it's moving around.
You can see an example of position hold on my old quad at 0:50:
I told it to stay in that location, then I rotated around to see what was in the area (without having to worry about throttle and drifting away)