The Hero2 has hands down the best video quality out of all pov cameras I've seen. It even put's some professional cameras at shame.
Two people here at work helped one of the basejumper with the promo video and looking at the raw video from the Hero2 was insane, crystal clear video and amazing color. All in all an awesome camera.
No offense to this poster, but take anyone who claims that any POV cam puts professional cameras to shame to be someone who probably has no idea what they are talking about.
POV cameras all cut corners to maintain their size and FOVs options on fixed lens optics. (Physics are physics, unless they are using some kind of alien technology they stole from a Stargate).
Before you get a POV camera you should ask yourself whether most of the video you're going to be taking is of yourself or other people. When I ride with cameras, I bring a (helmet mounted) CountourHD and a Canon 7D with an 85mm f/1.8 lens (DSLR that does video).
A friend of mine has a GoPro, so I have played with it a teeny bit.
I have a couple of gripes with POV cams, but gripe #1 is the barrel distortion from the short-focal-length/wide-FOV that they are manufactured for. Grip #2 is the fact that any objects not fairly close to the center of the image are horribly blurred because of the cheap optics (bad edge sharpness).
If you're right there in the action recording then you can get satisfactory results (assuming you figure out which white balance and exposure settings work best for you), but if you want more versatility then I would suggest a hand-held video camera, or even a digital point-and-shoot camera that can do video. They will be easier to adjust, and they will require less tweaking if you do any post-editing. They are also ~$0–$100 cheaper (depending on what you get). $300 will buy you a much nicer point and shoot camera with video than a contour/gopro/drift/whatever-POV cam
Now, I have not used the Contour+, ContourROAM, or GoPro HD2, so I cannot say for sure whether this holds for the latest models, but I would be extremely skeptical of any huge improvements in optical clarity without any major changes to the cameras' form factors.
I do not (quite) regret purchasing my ContourHD, but if I had to do it again, then I would spend the money on a better video camera or buy an older/cheaper model.
Straight out of the box, the ContourHD has a superior mounting system for a snowboarder (goggle mount). It gets in the way less and falls off less than the stock GoPro helmet mount (unless they have changed it in the last year).
Borrow one first if you can and decide whether its for you.