Whether you need another action option or not, Flytecam is a 1080p POV video camera that's looking to compete. It has specs that land it between GoPro's lowest and middle tier offerings, but it's supposed to be cheaper and doesn't require waterproof or shock resistant cases.
Flytecam has a rubberised body, is waterproof down to 3 meters, has an 120-degree lens and shoots 60fps for slow motion in 720p. It claims a three hour battery life and was developed alongside a "flytemount" that uses neodymium magnets and rubber teeth to secure the camera for mounting (see below).
Pre-order is starting soon and pricing alone will decide whether this is a legitimate competitor (the base model GoPro is currently $378). But Flytecam's creators claim that they started the project "because we couldn’t find a product that we really wanted, (and most certainly couldn’t afford)." OK, well then it better be cheap. [Werd]