The first thing to notice is how small it is. The actual camera sits in a clear, waterproof case and can be mounted to just about anything. I went for the outdoor edition which gives you lots of mounts and a strap that can be attached to cycle helmets. (I bet you can guess what it's will be used for)!
The camera can shoot in lots and lots of different modes and qualities. 1080p at 30 fps. It can even shoot at 160 fps so that you can replay later in glorious slow motion. (I was bursting balloons filled with water).
One of the more interesting modes is the time lapse. With this you can set the GoPro to shoot a photo at 11 megapixels every 10, 30 seconds etc. Great for then joining together and watching the world go by.
I took the GoPro to the Nocturne and filmed my races. The results were really good but positioning meant that I didn't capture the angle I wold have liked. The addition of a small LCD screen eradicates this problem.
So far It it early days but I absolutely love it. Customer service is excellent too. I broke the battery door two hours after I opened the box (all my own fault). I emailed GoPro in America and received a new one in the post 5 days later!
At some point I will post a few videos for you to have a look at. For me though I think it is brilliant.