This video tutorial teaches you how to build a simple, spiral style, piston elevator that fits within a 4x4 area.
The elevator moves your player up vertically at a rate of 5 blocks per second. The elevator is resource friendly; only requiring 1 piston, 1 redstone repeater, and 1 redstone dust per layer.
sethbling: http://www.youtube.com/watch?v=1bVYdqvKF7M
It seems other people indeed have made this elevator before me, almost exactly the same.
