I had a parachute system installed on my empeg. The internal gyroscopes are triggered when they sense the player starting to accelerate at 1G, and they deploy a miniature chute about 1 foot in diameter. If for some reason the acceleration does not immediately slow down, it will automatically fire the reserve. The only downside is I have to repack the chute everytime I drop it.

My next project will be installing a propeller that will serve two purposes:
1) it will keep the player from overheating
2) when the player is dropped, it will auto-rotate it safely to the ground.