I have a Contour and mainly got it for the lone fact that it looks better than a GoPro when mounted to a helmet. The GoPro is a GREAT product wrapped in a mediocre package.
Since most of my videos end up getting edited to high heaven anyway, clarity almost becomes a non-factor. You're shooting for yourself, not for IMAX.
Besides, the quality of the riding and editing will almost undoubtedly make everyone forget that the white balance is off or there's jitters in the video or things like that. Cameras won't matter if your footage has knee-deep pow and some nice glades.
Buy what you can afford, since they're both good buys anyway.