Edit: Success - http://diydrones.com/profiles/blogs/it-works-fully-automated-parachute-drop-from-quadcopter
I want to try this with my quad and see if and how it works.
Here's my waypoint list:
Basically takeoff to 6m (will actually take off the ground myself as AC v2.7.1 doesn't seem do the takeoff).
Then fly to a close waypoint at 10m alt, then to a further waypoint at 60m alt, loiter for 5…