I had the original Contour and it was a good camera but the Hero2 takes much better video. I do agree that it is goofy looking but comparing footage it seems to look the best. The mounts for the contour seem to be shit. I broke several and my buddy broke one every time he used his contour gps. The hero2 feels a bit heavy on your helmet at first but you get used to it. I still think the footage on the hero2 is much better than even the new contour cameras.
Battery life. On my contour two batteries would basically last a full day of recording. I would swap batteries at lunch time. On the Hero2 I barely get a full day of recording at 720x60fps out of two batteries.
Cant really go wrong with any of them they all work well.