http://gizmodo.com/5974699/heres-your-first-look-at-monoprices-insanely-cheap-action-camera
Sample footage from Vimeo (720p)
Looks pretty decent for the price.
The ruggedized barrel shaped camera shoots full HD (1920x1080) video at 30 fps with a 120-degree lens and is waterproof to about 10 meters, which includes audio recording under water. Monoprice says it's freeze, shock and dust proof, too. it relies on a two-axis gyro sensor to keep videos level. It even captures 5-megapixel images in one of three modes: single, burst and time lapse. Your other option is to shoot 720p at 30 fps.
Sample footage from Vimeo (720p)
Looks pretty decent for the price.