Videos of space shuttles launches are pretty much in a genre of their own. This particular video has a leg up, however: it's from footage collected from an HD camera mounted on the shuttle's Solid Rocket Booster, and features sound mixed by Lucas's own Skywalker Sound.
The video was first posted by Michael Interbartolo, who "worked for ten years on the Space Shuttle Program in Mission Control in Houston," according to Bad Astronomy's Phil Plait, and Interbartolo turned around and posted it on YouTube. It's a sneak peek at an upcoming NASA offering called "Ascent: Commemorating the Space Shuttle."
As far as shuttle launch vids go, it's one of the cleanest you're likely to see this side of the real thing, and has all kinds of subtle sounds as the shuttle launches and separates from the booster, and then we follow the booster all the way down to the water. Check it out below.
For more about what's going on here, I really can't sum it up any better than Plait, whose writeup you can read here. I will say, though, that I've been lucky enough to go see a shuttle launch in person. I was on the media lawn for the last shuttle launch, when STS-135 saw Space Shuttle Atlantis retire the fleet in style. It remains one of the most powerful experiences of my life.