I love my Contour. The first one was defective and often wouldn't turn off or on, but the replacement works great. I use the 848 x 480 60 fps Fast WVGA mode with the bitrate at the highest quality setting. The quality is better than any camera I own, even my Kodak Playsport at 720p 60 fps HD.
If you're thinking of getting a Contour, better act quickly and get the
ContourHD 1080p from Amazon for $137.99. This model is no longer offered on Contour's website. The replacement for the ContourHD is the
ContourROAM, which has a non-user replaceable battery and no 60 fps setting. In fact, none of the current Contour cameras offer the memory and battery-saving 848 x 480 60 fps Fast WVGA setting that my ContourHD has.
Yes, the ContourROAM is "waterproof to one meter", but I really don't like the disturbing trend of non-replaceable built-in batteries. The current model of Kodak Playsport, the Zx5, is the same way. I had to go on eBay to get another Zx3, which has removable batteries.
You can compare Contour's current models
here.