High quality BRS's have an amazing track record, and this guy will be getting one. They are spendy, but worth it.
The system I am looking at is made by Ballistic Recovery Systems. They make systems from 600lbs up to 3700lbs.
Basically Its a rocket deployed parachute that has a 10 year lifespan and costs ~3000 dollars. They work big time, with 201 FAA recorded deployments at a 100% success rate.
http://m.aircraftspruce.com/catalog/appages/brscanister600SP.php
The little 3x8x13" softpack lives in its anchor panel, which has 6-8 strands of high-tensile webbing that attach to the landing gear bulkheads, main wing struts, rear cabin bulkhead and front cabin bulkhead, so you can have complete structural breakup and as long as you remain attached to the most of the cabin, you are good.