I average one video upload per day to my youtube channel which covers mostly heavy equipment but also sneaks some jeep stuff in there too. I use two cameras. My full frame Canon 5DmkII setup for long range (can run full HD video through a 400mm L series lense with a 2x extender to reach out and look like you're beside a mining machine from over a km away) and a Panasonic Lumix DMC-TS1.
The 5DmkII is a $7000 setup and requires a backback to haul around:
The TS1 cost $280 and fits in my pocket (yes that camera is sitting in a fish tank)
The big camera has a lot more control over advanced settings but the little camera is flat out awesome for video. I've shot 98% of my video with the point and shoot. The version I have only goes up to 720p however there is a DMC-TS3 that just came out ($399 at vistek, I'm sure you could find a better price at future shop etc) that does 1080.
All of the DMC-TS series are fully waterproof, dustproof, shock proof, drop proof. I dont even have a case for mine it just rides around in my pocket, bottom of my backpack or in the center console of my work truck. Its been dunked, dropped, run over, filled with mud and it's still going strong. The quality (even at 720p) is amazing.
http://www.youtube.com/watch?v=JWfB6_SC8rwWhen the GoPros came out I though this was going to be my new camera however after seeing the downfalls I stuck to my TS1. The sound quality is terrible, all of the cameras come with a "wide angle" lens which actually fish eyes the picture slightly. It's a neat gimmick if you want to show lots of things that are very close however you cannot shoot anything past say 30-40 feet away with any clarity and the subject would be tiny. Another HUGE dealbreaker for me is the lack of LCD screen. When I'm out wheeling my jeep or doing something with a piece of heavy equipment I need to know right away if a) the camera is even capturing the whole picture, or do I have something cut off b) if I got the shot. Did I stick my finger in the video the whole time? Was there a huge sun spot that ruined the video? Did I have the subject half cut off?.
The DMC-TS1 lets me review the video instantly vs the GoPro you have to either fork out for the extra LCD pack (which doesnt fit in the fancy waterproof case) or hook it up to a computer. No thanks.
Another thing is there is only one button. Push it to turn on, push again to rec, push again to stop. Due to that system it can be confusing as to weither or not you are actually recording or not. There is nothing more dissapointing then thinking you've captured that amazing jump etc only to find out when you get home that you pushed the button one to many times and only have a 2 second clip of your hand in front of the camera.
The one thing GoPro does have going for them is their mounting options however most of them cost extra. With that in mind, for $100 I bought a 6" suction cup mount from a company in California who specializes in camera rigs for the film industry. I've stuck it on the sides of machines, windows, dashes, coffee tables etc.
Here's what I can do with my suction cup setup, just like the GoPro except I have outstanding clarity for subjects at a distance.
http://www.youtube.com/watch?v=geK3_FrHY9kSummary: The GoPro is a neat setup but has a lot of limitations sound, playback, subject distance, not knowing if you're actually recording or not. For the same price go get a Lumix DMC-TS1 (720p) or a DMC-TS3 (1080).