On the updated software for Moto Q, I finally figured out on my own - yes you hold down the Home key and yes you choose option B but then you have to scroll down to phone and enter to turn off the phone, scroll down to bluetooth and enter to turn off Bluetooth, or apparently can scroll to "ALL" and enter to turn off everything. Your phone is then actually still ON but does not send or receive any signals.

Nope. There's no "Flight Mode" option There's speaker, meeting, outdoors, etc... but no flight mode.

On my Q I have to hold down the Home key - Select Wireless Manager (B) and then turn off the phone. That will put you into 'Flight Mode' as there is no shortcut as mentioned above

The October 2006 software update released by Motorola changed the procedure for selecting "Flight Mode". I believe it was changed in order to make Bluetooth ON/OFF independent of Phone ON/OFF. The pdf manual released at the same time describes the new procedure. Basically, you press and hold the "HOME" key, which brings up the "Quick List". But now, you select "Wireless Manager"; then scroll to "Phone" and press the center select key to toggle phone ON or OFF. That same menu now lets you toggle Bluetooth ON/OFF. The new manual and software update (which I highly recommend) are available at http://direct.motorola.com.