The verification phase of the Jason-1 satellite altimeter mission presents a unique opportunity for comparing near-simultaneous, independent satellite measurements. Here we examine simultaneous significant wave height measurements by the Jason-1 and TOPEX/Poseidon altimeters. These data are also compared with in situ measurements from deep-ocean buoys and with predicted wave heights from the Wave Watch III operational model. The rms difference between Jason and TOPEX wave heights is 28 cm, and this can be lowered by half through improved outlier editing and filtering of high-frequency noise. Noise is slightly larger in the Jason dataset, exceeding TOPEX by about 7 cm rms at frequencies above 0.05 Hz, which is the frequency at which the coherence between TOPEX and Jason measurements drops to zero. Jason wave heights are more prone to outliers, especially during periods of moderate to high backscatter. Buoy comparisons confirm previous reports that TOPEX wave heights are roughly 5% smaller than buoy measurements for waves between 2 and 5 m; Jason heights in general are 3% smaller than TOPEX. Spurious dips in the TOPEX density function for 3- and 6-m waves, a problem that has existed since the beginning of the mission, can be solved by waveform retracking.