On January 12th, 2003, the Cosmic Hot Interstellar Plasma Spectrometer Spacecraft (CHIPSat) launched successfully from Vandenberg Air Force Base as a secondary payload on a Delta II booster. CHIPSat completed commissioning in February 2003, and is now a fully operational observatory. The main science objective is to measure extreme ultraviolet emissions from the interstellar medium. Data on the distribution and intensity of these emissions allow scientists to test competing theories on the formation of hot interstellar gas clouds surrounding our solar system. CHIPSat is the first satellite in NASA's University-class Explorers Program (UNEX) to make it to orbit. The UNEX program was conceived by NASA as a new class of explorer mission charged with demonstrating that significant science and/or technology experiments can be performed with small satellites, constrained budgets and limited schedules. This paper presents the CHIPSat design, discusses the on-orbit performance to date, and provides lessons learned throughout the project.