I've just given it a go using FSO 3.6.12. It's really just a demonstration consisting of a single mission. You need to lower your hull integrity by ramming into stuff to trigger ejection. The model it uses for the "escape pod" is the Ironhawk 2 Sunrider model (originally made by Black Wolf). I'm not a FRED expert but I think it's a simple thing to implement (it probably uses a replace-ship event or something). Anyway it's attached below.
Hmm. Maybe I should ask Dekker for a sequel...
A SAR craft is something I've thought would be a nice addition, like those nanny ships from Starlancer, as well as having the odd ejected pilot (like those seen in X-Wing Alliance). I think it'd be great to take on the role of a SAR pilot and perform rescue operations. For FS I could imagine a modified support ship performing such a role.
Both ejection and SAR were used to good effect in Vassago's Dirge, I might add.