I tend to think of space exploration in terms of going up, rather than falling down, so I've not been paying lots of attention to this. The website proclaims: "Red Bull Stratos seeks to advance scientific discoveries in aerospace for the benefit of mankind." I'd add "and for the benefit of Red Bull by generating lots of publicity."
It looks to me like something they latched onto and then started to think about possible applications, rather than a solution to an existing problem. It will be interesting to see what happens and what they learn from it, but I won't be watching it live.