I found this HD camera on the net today, and it seems to be the perfect alternative to the GoPro, as it is lighter and has a smaller size, which could be important in terms of micro-quads, etc..
Its smaller than the GoPro HD Hero, at 4 inches long and half inches across and weighing in at 4.5 oz, it is a truly ultralight HD videocam with the added bonus that it looks the part of "Eye in The Sky"
There are outputs for HD video, so just hook it up to a FPV transmitter and you are good to go! MicroSD cards are supported and you can record videos directly, even without an FPV setup. Beneath the bubble-shape front of the camera there is a 170-degree wide-angle lens which can capture video along with 5-megapixel HD stills.
The on-board battery is clamed to be good to upto 4 hours of 1080p recording, and it can be connected via USB to a computer to download the photos or charge the battery.
Another version, with WiFi,is also capable of steaming video to your iDevice/ Android device ,while the iPhone/Android phone,etc. acts as a controller for the camera. (Think PhoneDrone with this camera!!!)
At $230, without any accessories, I think its a pretty good deal as it is extremely light and small, with is infact a big deciding factor for me, as I design micro-quads only.
More details at their website, and be sure to check out the other models as well!!