How do I make an object respawn after reaching a certain height?

This is the script I'm using right now on the most updated free version of Unity. I'm following the directions in this video http://www.youtube.com/watch?v=atyG6XfU3aI and I'm referring to the script used at the 13:30 minute mark, although the one shown before that doesn't work either. It looks bad here, but I have it 100% correct in the editor and it refuses to do anything. Help please?

  #pragma strict
 
  var maxFallDistance = -10;

  function Update () 
  {
     if (transform.position.y <= maxFallDistance)
     {
         Application.LoadLevel ("Level 1");
     }
  }