Wordnet 3.0
NOUN (2)
1. 
 the chief one of a related group; 
- Example: "it is their flagship newspaper"2. 
 the ship that carries the commander of a fleet and flies his flag; 
The Collaborative International Dictionary of English v.0.48:
Flagship \Flag"ship`\, n. (Naut.)
   The vessel which carries the commanding officer of a fleet or
   squadron and flies his distinctive flag or pennant.
   [1913 Webster]
WordNet (r) 3.0 (2006):
flagship
    n 1: the chief one of a related group; "it is their flagship
         newspaper"
    2: the ship that carries the commander of a fleet and flies his
       flag