A significant and growing portion of systematic error on a number of fundamental parameters in astrophysics and cosmology is due to uncertainties from absolute photometric and flux standards. A path toward achieving major reduction in such uncertainties may be provided by satellite-mounted light sources, resulting in improvement in the ability to precisely characterize atmospheric extinction, and thus helping to usher in the coming generation of precision results in astronomy. Using a campaign of observations of the 532 nm pulsed laser aboard the CALIPSO satellite, collected using a portable network of cameras and photodiodes, we obtain initial measurements of atmospheric extinction, which can apparently be greatly improved by further data of this type. For a future satellite-mounted precision light source, a high-altitude balloon platform under development (together with colleagues) can provide testing as well as observational data for calibration of atmospheric uncertainties.