it depends if you want a still camera or a video camera or a still camera that shoots video ok. Not so much the video part, but the focal length of the lens won't be as wide as the gopro.
Here is a good review of the latest waterproof still cameras that shoot video. The next button is kinda hard to find, maybe about 1/2 down the page.
http://www.dpreview.com/reviews/Q311...pactgrouptest/
If you want a video camera, then get the new gopro.