Best bet for GoPro is to shoot for the 360 market, if they intend to stick with the high end. That's the Next Big Thing. Right now it's pretty much just the Ricoh Theta, which is smallish and lightweight-ish, but with mediocre resolution; and Nikon.

GoPro and Ricoh could merge tech and marketing savvy to own the 360 market if they wanted to. That makes the most sense. A single helmet mounted camera to record everything.

Bundle it with quick and easy to use software to isolate footage to the desired portion of the 360 spectrum. That'll help ensure more universal acceptance by penetrating social media markets and mobile devices that aren't yet 360 or 3D compatible.

Other than that, I don't see any future for single perspective action cameras that cost more than $100. In a couple of years even $100 will seem too expensive for a fixed perspective action cam, as the market will be saturated with sub-$50 action cams for car front/rear dashcams. To carve out a new niche an action cam for bikes will need to be 360.