Cool video of the Grasshopper rocket by private company Spacex, launching, hovering, and then landing perfectly.

Via Bayou Renaissance Man, this company appears to have perfected a flight control mechanism that allows the rocket to be launched into space, but then landed again on Earth, allowing the whole thing to be reused. This success is in contrast to the recent explosion of a Russian rocket attempting to put an expensive suite of satellite gear into orbit.

Watch it full screen for best effect.  The action was filmed by an unmanned drone flying at the maximum altitude planned for the test.

Really neat stuff.