I seem to have missed the announcements of starting some sort of high tech airborn Formula 1 in 2007. The Rocket Racing League will organize events in which up to ten small airplanes with rocket engines will match up in an airborn race. The pilots have to follow a virtual tunnel 1500m up in the air, and the spectators can follow the race with all kinds of cool gadgets. Red Herring has the best overview of these X-Racers. The organizers seem to go for pretty huge events, and are already incorporating television and video game rights, have already patented some ideas and are currently looking for sponsors of the event, planes and teams.