I did toy with doing a custom board with extra sensors... then I discovered Alibaba and about a zillion Chinese hobby shops selling generic "flight controllers" for the ubiquitous quadcopter/drone market.
So this thread is where I'm going to write up my experiments with using a generic "flight controller" computer for rocketry...
I've chosen a Naze32 rev 6 "10DOF" board to begin with because it has a number of nifty features:
- a barometer (for altitude - good for about 29000 feet ±3 accuracy)
- a magnetometer (compass)
- an inertial unit (3 axis gyroscope/accelerometer)
- a 72MHz ARM CPU (STM32103CB76 - Cortex-M3 32-bit)
- 20k RAM & 128k Flash on the CPU, 16Mbytes external Flash (for recording?)
- 3 serial ports (ie: for telemetry, GPS)
- lots of extra I/O (for the servos and motors usually)
- open source software ("Baseflight", "Cleanflight" etc - bones of a rocket program)
- 36mmx36mm (yes, @Lister, there are variations that are <24mm, minus a few features)
- about 7.5 grams assembled
Oh, did I mention - ubiquitous and incredibly cheap (≈A$20)... I got three Naze32 units plus external GPS/GLONASS modules for about A$120. The $7 Bluetooth serial modules are on their way...
Before you get too excited - the standard Naze32 software doesn't have a profile for "rocket"

Also, the accelerometer tops out at ±16G; so it's not going to accurately record the vertical component of a fast flight (not the end of the world, it'll just be "pegged" on vertical limit during boost phase). From what I read of the docs on the IMU (MPU6500) other axes should fine.
My goal here is to mix and match this with a few other components, first some telemetry, and then once I'm confident, maybe some external FETs to drive recovery stuff or staging igniters. Maybe a single axis airbag accelerometer (good for 100G) at some point.
Oh, OTT, it would probably handle "vertical trajectory maintenance" too

I don't plan at this stage to do anything commercial but I'm certainly going to put any software I write up on Github or something if you wanted to play along.
Anyway, I have one blinking away on my desk right now running the standard software and it's very cute. I'm waiting for some parts to turn up so I can hop into writing the code and debug the thing (it's my first foray into STM32 - I need a JTAG debug dongle that supports it).