I have been taking bike videos since 2000 and have gone through the DIY route of hooking up a DV cam to a bullet cam. Had to live with all the wiring rigged all over my body. Had to construct a battery pack for the bulletcam, including a microphone pick-up as well. Lots of trouble for just some footage.
Having found the GoPro HD I am amazed by the ease of use and the quality of the camera. But, the GoPro is a bit cumbersome as it only has two menu navigation buttons given that it has many modes.
i also bought the VholdR Countour HD1080 and found it a lot easier to use although it only shoots videos.
I am now using the GoPro for interval still shots and the VR for video.
Here's my comparison;
GoPro HD VR Contour
Video 720&1080 16x9, 960 3x4 1080 & 720 16x9
Battery life 2.5 hours 2 hrs
Waterproof casing rain resistant only
Better sound no as good
Plenty of bundled mounts only two mount pads
Pic quality about equal
Bigger frontal area streamlined shape better for helmet mount
Good 5 mp still pix Video Only
3.5 - 4 gb per hour for 1080p video.
MP4 format MOV format
The GoPro's capability of shooting stills at 2, 5 & 10 second interval is really awesome. Just set and keep it running, and there will be some really nice wide angle shots among the few hundred shots taken on every ride. Both the camera formats can be easily edited using Final Cut on Mac or the Pinnacle Suite in windows.
IMHO, there's no need to look further as these two cameras offers the best bang for bucks.
Some pictures from the GoPro
The PAL/NTSC is actually a non issue if the footage is to be exported onto DVD. Most TVs nowadays are multi system by default. Just make sure that the footages are similar in frame dimension and frame rate when shooting so there will be no issue when editing footages from different cameras.
Cheers from Malaysia