This is an easy question!! If you want to skip all my babble just skip to last paragraph!
If your pretty pumped for a bungy (note the spelling=D) and think you will actually be able to jump off when your up there you have a couple of options.
Queenstown offers 3 AJ Hackett bungy's;
Kawarau 43m. Normal strap in ankle jump. The prettiest one in south island.
The Ledge 47m. This one your strapped around your waste. this means that you can run off the platform and do flips etc. Also off the same platform overs a swing. This is literally a jump and then you swing like your back in the playground.
Nevis 134m. I did this one! Largest in the sourthern heisphere, 3rd largest in the world, 2nd equal free fall and most importantly no deaths to date!! The trip up the mountain is scary, the little trolly over to the pod is scary and then jumping again, SCARY. The entire trip is intense but totally worth it. (This one also offers a Nevis Arc, same as the ledge swing but it's the biggest in the world!)
So I think if you want a traditional bungy then go the Nevis, it truly is awesome and unique. almost 12 years ago
I don't know if they still do it, but I did the bungy at Skippers Canyon, leaving from Queenstown...I think its one of the AJ Hackett ones.
Anyway, its 102m, and at the end I got lowered into a jet boat and went jet boating up and down the canyon. It was pretty much a full day event, but lots of fun. over 11 years ago
Definitely the Kawaru Bridge....it's not the highest but it was the first and undoubtedly has the best views, not that you'll really be noticing the view when your jumping, just saying! And the best part, the Kawaru river will be gushing right underneath !! about 7 years ago