It has finally happened. The Aerospace crowd has formed a NASCAR-like racing league to promote an amped-up form of air racing. It is called the Rocket Racing League. Velocity Aircraft, now a subsidiary of Rocket Racing Composites Corporation, will supply the airframes. The rocket motors are simple, one piece, throttled, stainless steel motors down-rated from 5000 lbs to 1500-2000 lbs of thrust. The motors will burn LOX and ethanol.
The first exhibition race will occur at the upcoming EAA Oshkosh AirVenture show in Wisconsin this summer.
One important result of this is that, if it is successful, it will demonstrate that entities smaller than governments can safely and profitably do rocketry. If this field is to go anywhere, it must show that rocket propulsion can be conducted with less-than-NASA resources.
Lamentations on Chemistry 
LOX spilled on asphalt is an impact-detonated bomb (e.g., step on it) for hours afterward. Will it be fuel ethanol ripped from Third World stomachs by maize pimp Archer-Daniels-Midland? Will CO2 in rocket exhausts be reclaimed or will there be Carbon Credits to be purchased from Al Gore’s arbitrage house?
Uncle Al likes the Mythbusters hybrid rocket approach – throttled liquid nitrous oxide and a hollow solid fuel cylinder of dry salami. Replacing canned whipped cream’s festive plastic nozzle with a rocket bell, the concept is unified as a large cylinder of “whipped” biodiesel with an igniter. Third World cuisines are not founded upon the charlotte russe, French or Brooklynite version.
Enviro-whinerism: whatever you have of value, we are against it.
If Jimmy Dean can get a salami rated for manned spaceflight, then I expect to see propellant grade salamis before this decade is out. Perhaps one day American salami-propelled interceptors will knock down an Iranian barrage of ballistic missiles, thereby saving the EU and establishing Mythbusters as a force for good in the world.