I didn't read the whole thread but I recently made this same decision. Drawbacks for me were the contour requires you buy a separate waterproof case for more money. May not affect everyones decision, but it did for me.
Then they almost won me back with the GPS version, but after looking into it, its more money and the GPS mapping info is in a proprietary format only viewable on their website
Anyway, I got a great deal thanks to an awesome barfer out there on a GoPro and I couldn't be happier. This thing is bulletproof and the videos look amazing.