Banshee launch

Rocket Launcher Walkthrough
Firstly, grab a banshee and a Rocket Launcher, and flip the banshee onto its back (do not flip it back onto its front). Then, stand on the tip of the wing of the banshee that is on the floor, aim the rocket launcher at the tip of the wing that is in the air and fire. The rocket will explode pushing the opposite wing tip down and your wing up. This will propelle you into the air, sending you so high that you can see over the boundaries of some levels.

NOTE: You do not need an overshield to do this. However, if you do not have an overshield, you must stand on the very tip of the wing or will be killed by the explosion.

Grenade Walkthrough
Firstly, grab a banshee and some Grenades, and flip the banshee onto its back (do not flip it back onto its front). Then, stand on the tip of the wing of the banshee that is on the floor, throw the grenade at the tip of the wing that is in the air and fire. The grenade will explode pushing the opposite wing tip down and your wing up. This will propel you into the air, sending you so high that you can see over the boundaries of some levels.

NOTE: You MUST have overshield on.

Scorpion Variant
This is almost the same as the rocket one, but instead of a rocket we have a scorpion. So, first get the banshee on it's back and get yourself on the wingtip, then have a teammate shoot the other wing with the scorpion missile. This seems to get you flying vertically farther than the other methods, and as such can be found useful(Or at least usable) in assault. NOTE: Overshield propably required.

Extra Tip
To get SUPER high off of this on maps, fly up to someplace above ground level (IE: The huge ledge on Headlong that looks like it should be out of the map but isn't, (the one right by the usual Warthog spawn point)) and do the Rocket Banshee Super Bounce from there.