The Geosynchronous Imaging Fourier Transform Spectrometer (GIFTS), developed for the NASA New Millennium Program (NMP) Earth Observing-3 (EO-3) mission, has recently completed a series of uplooking atmospheric measurements. The GIFTS development demonstrates a series of new sensor and data processing technologies that can significantly expand geostationary meteorological observational capability. The resulting increase in forecasting accuracy and atmospheric model development utilizing this hyperspectral data is demonstrated by the uplooking data. The GIFTS sensor is an imaging FTS with programmable spectral resolution and spatial scene selection, allowing spectral resolution and area coverage to be traded in near-real time. Due to funding limitations, the GIFTS sensor module was completed as an engineering demonstration unit that can be upgraded to flight quality. This paper reviews the GIFTS system design considerations and the technology utilized to enable a nearly two order performance increase over the existing GOES sounder and shows its capability. While not designed as an operational sensor, GIFTS EDU provides a flexible and accurate testbed for the new products the hyperspectral era will bring. Efforts to find funding to upgrade and demonstrate this amazing sensor in space are continuing