  Giant phospholipid vesicles are shown to exhibit thermally activated
transitions between a prolate and an oblate shape on a time scale of several
seconds. From the fluctuating contour of such a vesicle we extract ellipticity
as an effective reaction coordinate whose temporal probability distribution is
bimodal. We then reconstruct the effective potential from which we derive an
activation energy of the order of $k_BT$ in agreement with theoretical
calculations. The dynamics of this transition is well described within a
Kramers model of overdamped diffusion in a bistable potential. Thus, this
system can serve as a model for macroscopic bistability.
