Skydiving
What else you need to consider with skydiving
is the character movement. When a human is falling you have 2
basic positions you can be in. If you spread eagle you will
maximize the drag force on your body and it will slow you down.
However, if you go head first you are going significantly
faster!
Drag
The Drag equation is the same as for swimming.
D=0.5*C*d*A*v^2
Where D is drag
C is the drag coefficient for the medium (in this case Air)
d is the density of medium
A is the cross-sectional area of your object (how much area of
your object is facing the drag force? Are
you spread eagle or head first?)
v is the object's velocity (meters/sec)
As the picture below shows, it is the
projected area not the object's total area, that is used in the
drag equation.
(picture taken from
http://www.real-world-physics-problems.com/physics-of-skydiving.html)
What you also might like to consider is
having the character have a parachute. Remember that this
increases your Area in the drag equation and that's why it slows
you down.
(Picture taken by me of Legend of Zelda Skyward Sword)
Motion
You should also take into account the
character (obviously) is not walking to be able to move, so the
motion is going to be restricted by Air Resistance.
The character is not going to be
able to move quickly in a given
direction unless it is down.
Moving left to right should feel like
air is pushing against you, and the character's body should
remain in about the same position.
Flopping and fast direction changes are
unlikely.
Unless of course your spinning madly through
the air.
(Picture taken by me of Legend of Zelda Skyward
Sword)
Further reading
Sum up of Skydiving
What you should take away from all this, is
that 2 forces are acting on your falling object. You have to
take into account your object needs to feel drag to be
realistic for the player. Often this limits fast direction
changes and fast motion.