This is apparently the world's first real jet pack. It's not powered with hydrogen peroxide like others have been; it's powered with jet turbines!
How does it not burn his pants? The jet turbine utilizes kerosene as a fuel which, when ignited, is mixed with ambient air and releases a comfortably warm air stream. Although, they said that the pilots do wear fire retardant materials and as a general safety precaution.
Pretty damn cool, I would like one, please!