This was a "test jump" from 96,000 feet.
http://www.redbullstratos.com/
Top speed was 536mph for this jump.
The real jump will be from around 120,000, they say.
I wonder about the heat of air friction on the suit.
Air's so thin it's not a problem. By the time it is thick enough, he'll stabilize at a slower terminal velocity.
The thin air is actually the biggest problem with ultra-high altitude jumps like that. The thin air gives the diver nothing to push against with his arms, legs, or hands to steer his body, so it's possible to go into a really high speed flat spin that windmills out your arms and legs so hard you can't pull the chute release, or even so hard it kills him from red-out/black out etc. (And if you do pull your arms and legs in, you just spin faster, conservation of angular momentum like a figure skater...)
IIRC, this guy's suit has a special chute release in his gloves so he can activate the chute even if his arms and legs are experiencing 100G's from a spin, and couldn't bring them to his chest straps etc.