The Contour is actually a better camera. Side by side the stats are identical. I would say the edge goes to the contour because you dont get the fish eye look and the lens rotates to accommodate different angles.
That being said the gopro takes better footage right out of the box without adjusting any settings because of better saturation and white balance. That doesnt make the contour bad. The contour gps and plus can use an iphone/android app that allows you to adjust all the settings on the fly and also acts as a viewfinder.
Better looks, no fish eye footage, and the phone app = win
-Its not how fast you ride...Its how you ride fast