I have the Sony HXR-MC1P which is very good but NOT the cheap option. You really need to have a few "extras" to make the sony viable which again makes it expensive. I have used the VIO 1.5 and found it not good for editing. The chase cam is good with something like a 580 Line Bullet camera. Look at Chasecam.com
I have been using myself a POV camera from http://www.vio-pov.com/ to record my flying on my trike in Iceland.
V.I.O. 1.5, it is a great camera but I need more resolution and better explosion control.
On page http://vholdr.com/contourhd/techspecs is a good overview.
I am now planing to buy/use ContourHD1080p winch gives full HD quality.
The new Canon 5Dmk2 and new small format SLR camera from Panasonic Lumix GH1 are both with full HD video option.
If you want to have more Pro option then the POV camera from Sony HXR-MC1P http://www.sony.co.uk/biz/view/ShowProduct.action?product=HXR-MC1P&site=biz_en_GB and Panasonic AG-HMR10 are good option to http://www.panasonic-broadcast.com/en/products/high-definition/avccam/AG-HMR10.php
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