This is an important step leading up to thier ground breaking launch which is only 7 days away.
If successful, this mission will change the way we think about space developement. SpaceX has been meticulous in there tests and preparations and have postponed the launch date has been multiple times, but the current May 7th launch date seems to be final.
Here is a video of the test:
If the Dragon capsule makes it to space and performs its manuvers correctly, NASA will give it the go ahead to dock with the International Space Station, something no private company has ever done before. The capsule will contain some supplies including water, clothing, and scientific implements. If the Capsule performs correctly, astronauts in the station will be able to retrieve these supplies. They are not necessitites and no harm will be done to those living in the station if the capsule does not complete the mission.
Excitement is growing as the launch day nears. Hopefully the entire mission will be as succesful as today's test.