I've been researching cameras WAAAAY too much and I can say that in terms of pic/video quality, functionality and camera specs... the Hero 3 black has it. I just really didn't like the boxy look of the Gopros and wanted a cylinder like the ion air pro, but the smaller Hero 3 and 120 fps 720p did it for me.
Other options are:
Ion air pro (pro 2 model being released soon)
Replay XD1080 --> I really like this one, seems perfect for boarding and pretty small. Not technically waterproof... I emailed them with some questions and they never responded so I said fuck it.
Here is a list of 10... hero3 black is in the top spot:
Best Action Cameras to buy in 2013 | Geonaute 360-degree action camera | T3