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I have a contour (HD, GPS and Roam) and I really like them. The gps is the most configurable, just got the Roam and it’s great because of the easy on and not needing a water proof case, although when mtn biking I pretty much always use the water proof case as I figure it’s a little more insurance if (when) I crash.
The one downside to the Roam is that the battery is not replaceable, but with the easy on/off it doesn’t drain that fast.
The Gopro is great though and is probably easier to mount overall, but Contour has a narrower profile which is good if you’re mounting to the side of your helmet, bike or on your fork.
I use both all the time and looking forward to getting the new GoPro 2 which I would spend the extra money on. Get the chesty mount and a tripod mount. The tripod mount opens up a whole new world of mounts from other companies.
Whatever you buy, get at least a 16GB card which you can get for $20 bucks now, the 32GB cards are coming down in price too.