It was interesting to reach the same speeds on falling that I do on my bike! And even more of a mind-over-matter thing to actually get out of the plane onto the jump step when the door opened. But once free, it is the most amazing feeling!
I talked to the instructor about how many chute failures he has experienced. He said that in over 13,000 jumps, he has had to use his reserve chute 25 times. He seemed to think that was pretty good odds, although I talked to another guy yesterday that had lost a friend doing it was well. All in all I figure the risk is at least comparable to a motorcycle, although the rate of survival is somewhat lower. It brings a whole new level of commitment to the sport, though, since once you are free of the plane, you have no choice but to land!
Turns out another advantage of skydiving, is that when you dream about falling, your mind acutally knows what it is talking about now!