It's probably about the same height as Pirates (maybe 15 feet on the largest hill) , but it's a series of hills that you approach at about 35mph, rather than a slow crawl to a sloped ramp drop like in Pirates.
If you were driving an actual car at that speed over hills shaped like that, your car might go airborne. These cars don't because they are essentially slot cars attached to the track. So, you do feel your body lift up at the crest of the final hill because the car stays put underneath you. It will give you that tummy tickle feeling.
WDW ride comparison wise, I'd say 7 Dwarfs or Slinky Dog is equivalent. The large hill in Slinky Dog is the closest feeling I can think of. Although, you do slow down considerably going up that hill. You don't slow down going up the hill on Racers and that's why it is so thrilling.
The feeling is most similar to wooden coaster bunny hills. Incredicoaster has a series of these towards the end and it's a very similar sensation.
