Never really thought of putting the camera on the bike. The rig weighs about 2% of my body weight but close to 20% of my bike. I could put the camcorder somewhere low but the bike feels horrible with much lighter headlights and batteries on it. Carrying it on my back is not bad at all.
Also, I'm worried about too much movement. I know that a light on my bars shakes alot more than one on my head. And there have been a few clips produced out there with the camera mounted on the bike - I didn't like them. Fork/stem - seems too wiggly. Top tube - feels like the bike is swaying.
I might try it on a ride though, see how it turns out.