What's most surprising about this great, simple-to-understand script is how well it handles in a two-player game. While you may get off to an early lead, the constant downgrading of your arsenal gives the other player an obvious advantage, and most games I've played using this script have ended up pretty close.
I imagine it works well with larger groups as well, though I haven't seen that yet. Good job!
Ryoko asked me to re-create the "Arms Race" game type from Counterstrike in Aleph One. Here's my attempt.
From the man himself:
Basically it's an EMFH script where everyone starts with rockets, and after each kill you get demoted to a weaker weapon, and the winner is the first person to get a kill with fists.