When it's dark, you don't see the parachute itself, but only a flying light. It looks pretty cool.
This is a great little project for kids, since it's easy to make and it doesn't require any soldering.
Here is some videos. It looks much better in reality than it does in the video.
I'm sorry for the bad video, but a car drove by, when the LED Parachutie was going to land.
NOTE: The annoying "rrrrrrrrrr" sound in the video is just my camera, when it zooms.
The parachute used in this video was thicker and heavier than the one used in the other video. That's the reason why it descents faster than the one in the other video.
You can control the speed of the descent by changing the size of the parachute. The bigger the parachute the longer "hang time" in the air.