This is what you want
Let's get the obvious out of the way: you'll have a little box attached to you, and that can look goofy if you're out for a walk around the mall. But this is hands down the best camera for capturing action sports moments, which is what most people aim to use it for. The variety of mounts is insane and you can get really creative with how you're using the camera.
I highly recommend springing for the Hero2 over other options for compatibility with accessories: lcd screen, battery backpack, wifi backpack...and some special firmware updates (like the upcoming "ProTune") This is going to allow the GoPro record at bit rates that match or exceed most DSLRs.
Shoot at a high frame rate for smooth slow motion. Make sure your mounting job is steady so you don't end up with bouncy footage. If you're looking for high quality audio, pick up a self powered lavalier mic that can plug right into the side of the GoPro. Study up on the workflows (gopro support page) to help you maximize the quality of your video for exporting online. The menus might seem a little difficult at first, but 1 day of playing around with it and you'll be dialed on operating it without needing a cheat sheet.
Really, you're only limited by your own creativity with these things.