Is this the "Aetherial Wheel?"

[Fensfield]

Given the rumours about it being the first in a series of components towards a shot at an airship?

I think it is, quite literally, the drive-wheel all of FFXIV's airships have. Weirdly they don't spin since the 2.0 rebuild, but they're on the underside at the front of the inter-city airships (and they certainly did used to rotate. Kind of irritating that they don't now, actually). The Agrius (the massive, crashed Garlean one in Mor Dhona) had them all over it's top-side meanwhile, and those flight-capable walking towers of theirs (the 'Dreadnaughts') have them mounted at the back where the legs join the body/tower.

Fairly certain it's a key feature of all ceruleum-driven machina.

... Not that it wouldn't be wonderful to have the elemental system back -.-

[WellFooled]

Given the rumours about it being the first in a series of components towards a shot at an airship?

I think it is, quite literally, the drive-wheel all of FFXIV's airships have

In the live letter they showed off some screenshots of FC crafting where the item being crafted was a house. It looked like the end result of the craft was a new roof for the free company estate. It looked pretty far into development so my bet is that it was a preview of this wheel we're getting in 2.5.

I think instead of the first item in free company crafting, this wheel is instead the first of multiple features for free company crafting.