HackHD 1080P HD Camera PCB 
Crossposted from
here, where hackhd has explained some of the features.
At this price, it is competing with the Contour Roam, but some of the specs are interesting.
GoPro Hero1 lens threading. There are many aftermarket lenses being used for GoPros to lessen the wide FOV, like the Sunex DSL355A-650-F2.8.
Large image sensor. It sounds like this camera has a sensor that is nearly as large as the new GoPro2, which is good for low light.
External Audio in, and live component video out.
No software options, but they are a possibility in the future.