I've been meaning to do some research into this. I think BWPA is right, and the GoPro has the best video, but I do like the little "lipstick" cameras connected by cable to a main unit (a-la the Vio Pov 1.5 and the Elmo SUV). These two are especially compelling as I ski with a backpack to hold the camera's main unit (water tube over one shoulder, camera cable over the other; we're starting to look like scuba divers). These units are at the expensive end of the spectrum.
Others that I've jotted down include the ATC3K action camera, the Contour HD VHoldR and the Sony MHS-PM1.
Lastly, so many point and shoot cameras are coming out with true HD video that you might get the best of both worlds (between video and still photos) going in that direction. A friend of mine gets good results attaching his camera to his wrist using one of those bendy tripods.
Probably confused you with all this, but the GoPro is probably the benchmark product out there right now. I just have to do some reading to convince myself of that.
Edited by sinbad7 - 12/23/10 at 2:36am