http://www.youtube.com/watch?v=jA029JmSgO4
The board is a weapon item, so you can hotkey it. When you wield the "weapon", the board appears. Holstering your "weapon" will put the board away again. Steering is done by looking in the direction you want to go, there is no WASD used at all.
http://www.youtube.com/watch?v=h4DP1rMkHDM
As you can see there is some hit detection going on to keep you from ramming into walls, but it is still advised to use the board on flat surfaces whenever possible.
The board will be found in a similar way to the car in Fallout 2. Acquiring it may take some time depending on your stats and method of approach, but it is well worth it. The board is intended to be your companion throughout the game, so while it is definitely useful at the start, you can upgrade it further. With high levels of Science you can make it more cost-efficient (it uses a lot of energy ammo) and make it hold more stuff (your carry weight needs to be under a certain level to use it), with high Repair you can make it faster and more responsive, and with (Guns/Energy Weapons/Explosives) + Repair you can quite simply mount a gun on it that fires at hostile targets automatically.
The board movement routine is pretty much finished now. What's left to do now is adding the quest that will give it to you, the upgrade system and getting your stats to affect the board's behavior. The model itself could also do with a tuneup, and any modifications you make to the board will be visible on the model (jet engines at the back, etc). Stay tuned!