Jetpack (Project Red)

The Jetpack is a tool added by Project Red. The Jetpack can be applied to the upper body slot. With holding down the jump-key, the players flies in the air. After the release, however, the player falls and may die through the hit with the ground. If you press jump+sneak keys in the moment of falling, your landing will be smoother and you won't get the damage.

If the mod MineChem is installed, then you can decompose the Jetpack with the Chemical Decomposer into 256 Tin (Sn), 128 Copper (Cu) and 64 Iron (Fe), 24 Carbon Nanotubes and 4 Vanadium (V), Chromium (Cr) and Beryl as well as possibily some Cellulose.

Recharging
The Jetpack appears to run off of it's own durability as fuel, but its durability can be 'recharged' by placing the Jetpack into an appropriately powered Charging Bench.

Bugs
Although the tooltip maintains that the Jetpack offers eight protection, an arrangement which would make sense given the inclusion of its diamond chest armor in its crafting recipe, it does not appear to offer any protection as of 2.0.2.