Here's a cool video of the ~250 meter hop that we performed last Friday morning:
http://www.youtube.com/watch?v=NoxiK7K28PU
The point of this is to develop a reusable rocket, which will dramatically decrease the cost of launching stuff to space. The structure is a modified Falcon 9 first stage that I believe is somewhere around 110' tall. Think of it as the worlds largest inverted pendulum problem :-)
-Kevin