While "rich kids toy'" gets the publicity and PR, NASA does suborbital flights and has looking for private launch firms to help there as well as orbital flights. To this end a few month's ago Forbes reported NASA awarded Virgin Galactic a suborbital contract.
A quick web search turned up the Suborbital Research Association, which is composed of people interested in the science side of suborbital flights.
No, Virgin Galactic flights are not just for rich playboys and playgirls. There is science waiting for the flights as well... science that may well private suborbital flights financially viable.