I always run my Hero 1 and 2 on 720@60fps (actually, to be honest, I've been running them in PAL format, so 50fps, but I was thinking last time that I should switch them to NTSC). The doubled frame rate is waaaaay more important than the difference between 720p and 1080p.

I'm sooooo keen to get the Hero 3, as I spend a lot of time editing my race vids. So far it's been an expense I haven't incurred, but it's only a matter of time!