The target is speed
The highest horizontal speed over the ground.
So, similar to records on land, it is all about flying a route as fast as possible from A to B. Only one’s own body is used for assistance. The parachute is opened after braking at a normal altitude of approx. 900 meters over the ground.
The waypoints of the flight are recorded in the freefall.
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Grafic: FlySight 04-12 2012
Have a look at the excel datas of the record:
Mr. Brian Utley from FAI analysed it. He was at Red Bull Stratos in Roswell and he is one of the premier GPS experts in the world. He kindly provided me with a further analysis of the GPS data.
See the data fields to the right on the spreadsheet. A quick look shows (see purple highlighted fields):
1) At “time 831.2” (field 481) you exited from the aircraft moving at approximately 125 mph, altitude 4250.7 m MSL, course 072 degrees.
2) At “time 856.2” (field 602), 25.0 seconds elapsed from exit, altitude 2793.5 m MSL, you achieved maximum total velocity of 111.39 m/s = 249.17 mph
(that's the "total speed", not the ground speed!)
3) At “time 863.4” (field 638) 32.2 seconds elapsed; after approx. 7 seconds “dive pull-out,” you reached max horizontal velocity of 84.79 m/s = 189.67 mph