Hi Shane, I've been using these little cams for about 1.5 years now and they're great. I skydive a lot and use them for that mainly but snowboarding, mountain biking and mounted on car it works great too.
They've now got the GoPro HD Hero2 which is the new improved version. They will work 50 meters underwater too if you really need to film down there
GoPros are tough wearing too, easy to download and you can get free updates from the GoPro site too.
You can set for various different types of resolution, 720, 960, 1080 etc. It will take stills in bursts or video.
Can't recommend them enough mate.
Andy.