Exactly. You feel not bound by gravity, like you're in a void. Of course, you realize you were indeed bound by gravity, and very much so, when you stop falling. =)
Makes me want to go skydiving sometime. The freefall sensation would be a whole lot better if it lasted more than a second or two.
EDIT -
deadly, I'm not sure if you're blind or what, but I did hurt myself cliff-jumping.