For people wondering about the compass, I think it's a feature of SMP as well as SPC. I have SPC installed and if I click (any mouse button) using the compass, it will either teleport me to specified location or pass through specified location to go up or down, if possible.
I put mine on a tower, so that the boat flies through the air... and then there is another one at the base of the tower that has a ladder system to get back up. My friends on SMP are so frickin jelly! for you!
Awesome mechanism! It was also perfect timing, as this video was at the top just after I created a new world after breaking my boat about 5 times on the previous one. It was probably the best tutorial I've ever seen, although the amount of stone was way off... And single player commands was at my fingertips - so, you guessed it, I cheated on my survival world for this. And darn those slimes! I was too lazy to go kill them. But it is definitely, by far, the best creation I've seen in the minecraft community. Awesome work; I'll probably use it every minecraft day!
This is a cool contraption.. but honestly I think etho's boat launcher is far better than this - it's more compact, instantly boosts the boat to max speed, takes fewer resources, is easier to build, etc.
Again, I like this design but don't really think it deserved a digital diamond - not compared to some of the other stuff that has been shown lately.