Just bought a Drift Ghost. Sections of the video:
0:57 -- Comparisons with other cameras
7:28 -- Looking at some of the accessories I bought (and some that came with the camera)
11:42 -- Why I bought the Ghost
14:46 -- Mountain biking footage at 1080p/30 fps
17:04 -- Underwater footage with and without a case at 720p/60 fps
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UPDATE: I just saw that Drift dropped the price on the Ghost from $400 to $300. I also have found that all of the coupon codes for $100 worth of free accessories seem to have been deactivated. Fortunately, you can still google for coupon codes for $30 off an HD Ghost. With this new pricing scheme, the cost for the package described below has gone from $400 to $370.
Marketing tricks from GoPro make it appear like the Hero3 Black is priced the same as the Ghost. While the price appears to the be the same, the GoPros are very light on features when purchased as the base package: weak battery, no screen, no rotating lens, no remote control. When you add in the coupon codes that are readily available from Drift, the difference becomes even more striking.
Here's an actual price comparison between the Ghost and the Hero3 Silver and Black:
HD Ghost (with $30 discount coupon code), $370 gets you:
Camera (plus battery, assorted adhesive and rotating mounts, etc.)
Remote Control
Great Battery Life
LCD Screen
Waterproof Case
Shoulder Mount
Surfboard Mount
Hero3 Silver, you need to spend $570 to get the same list of stuff, which is a $200 difference.
Hero3 Black, you need to spend $670 to get the same list of stuff, which is a $300 difference.
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Marketing tricks from GoPro also make it look like their cameras are lighter and smaller than they actually are. You'll never use a GoPro without a case, so why do they advertise its size and weight without a case?
Here are two videos showing that GoPros aren't as light as they're advertised to be:
http://www.youtube.com/watch?v=5dq4uAVG2PQ
http://www.youtube.com/watch?v=8Vva1JI0YWs
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Here's a video I recorded with the Ghost in a race I was in. The windows were all down in the car, so there was a ton of wind noise in the car. Judge for yourself if the recorded audio is acceptable:
http://www.youtube.com/watch?v=3M3yzYGPNh8
Here's a video of mountain biking with a Hero3 Silver at 1080p/30 fps in conditions that are at least somewhat similar to the video I posted. Be sure to view both at full screen and 1080p for an equal comparison. I definitely think the GoPro is a bit better, but not leaps and bounds better:
http://www.youtube.com/watch?v=-da2L9wY-rc
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So in summary: if your absolute main concern is the best possible video quality and almost everything else is irrelevant, then get the Hero3 black. If you want a bit better battery life but can take a step down in video quality, get the silver. If you want the best battery life, a display, a 2-way remote control (which is awesome), and a rotating lens, but can take a slight step down in video quality, get the Ghost.
You can add in a display, a bigger battery, and a remote to the GoPros, but then they cost a significant amount more than the Ghost.
It's good to have options!