What is an Ultralight?
Ultralights first came into being in the 1970s when hang glider pilots started attaching small chainsaw motors and propellers to their gliders to boost them up to glide altitude, thereby eliminating the need to drag their gliders up a hill for every launch. These powered gliders were so far outside what the FAA considered to be aircraft that they issued the Part 103 rules in 1982, defining what an ultralight is, such that any ultralight meeting those criteria falls outside of FAA regulations (for the most part). These rules were supplemented in 1984 by FAA Advisory Circular # AC 103-7 further clarifying and elaborating on some of the clauses in Part 103.​
Example of a vintage powered hang glider - not quite a Cessna!
Per Part 103, a powered ultralight vehicle:
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May carry only the pilot. No passengers are allowed
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May only be used for sport or recreational purposes
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May not have a domestic or foreign airworthiness certificate
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Must weigh no more than 254 lbs (115 kg) excluding the pilot
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May carry no more than 5 US gallons (19 liters) of fuel
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Must have a top speed of not more than 55 knots in level flight (63 mph)
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Must have a power-off stall speed of not more than 24 knots (28 mph)
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Because ultralights meeting the above requirements are not considered aircraft by the FAA, they are not subjected to the registration and inspection requirements of general aviation aircraft, and the operator does not need a pilot license to fly one (although some training is highly recommended!). Many ultralight owners are experienced pilots who chose to trade in their general aviation aircraft for an ultralight, so they can continue to experience the joy of flight at a fraction of the cost, and without needing to deal with the regular medical exams and flight reviews required to maintain a pilot license. Many other people only ever fly ultralights, usually after taking a few flying lessons to get comfortable with basic aircraft operation.
Legally, ultralights can only be flown between sunrise and sunset, may not be operated over a congested area of a city, town, or settlement or over an assemblage of persons, and may not be operated within controlled airspace without permission from the local controlling authority. The latter is an easy limitation to overcome – a headset and radio together cost less than $500, and communication with air traffic control is among the first things taught during pilot lessons. With a little investment and comms practice your local municipal airports are open to you.
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Unpowered hang gliders, powered parachutes, balloons, small gyrocopters, and many other types of manned aerial vehicles also fall under the Part 103 definitions and operating limits.
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Note that the above applies only to the U.S. FAA definition of ultralights. Other countries define ultralights differently, often allowing for more capability and performance but also requiring them to be treated more like a conventional aircraft regarding registration, pilot licensing, etc. Check your local regulations carefully.