My 2 year old asks to do this about 3 times a day. It's great for using up extra childish energy when the day is too wet or rainy to go outside.
I pile all of our downstairs pillows, cushions, and blankets around the floor below our big arm chair, clear the coffee table out of the way and let M jump off and climb up over and over until she is spent and ready for a nap. She likes it when I say, "One, two three...jump!" or when I tell a little story like "The man jumps out of the plane- and one, two, three! Down into the clouds!"