Funnily enough, this could allow you to pounce outside your action, because falling down does not happen only on your turn.
That's pretty funny, actually. However, I believe that while the feat does not absolutely spell this out, it mentions "jumping" often enough to demand an intentional action on the part of the person using the feat. However, the feat does not specify that you have to jump at the beginning of your move. In the OP's case, you couldn't go on, because you don't have a move action left to move back up, but you can still abuse it, for instance, do a martial strike or attack and then move, or do a flyby attack, and then at the end of your move, drop on someone. You don't have another FRA left, and your action ends afterwards, but that doesn't mean you can't do it.
You can also use it to charge around corners, if you can jump high enough, or have Ex flight, or stuff like Up the Walls.
So I still think it's a good feat, even though I think it's clear that you can't get an infinite action loop anymore.