Guys, I just received one of these cameras. I ordered it about mid-day on Friday the 24th. Monday the 27th was a holiday, and the camera arrived here on Tuesday the 28th - that's essentially one business day!
Anyway, this thing looks awesome. It has almost no "stem" like the Contour camera does. The body is a 1.5" diameter cylinder that has a small flat area projecting from the bottom that is ideal for mounting to the side of a rocket. When this flat part is placed against the side of the airframe, the body cylinder of the camera will be spaced about 1/8" away from the rocket body. This means the fairing that needs to be constructed in front of it can be fairly small.
It has multiple features that can be controlled via a utility - like the resolution of still pics (useless for rocketry), burst-photo-count and mode (also pretty much useless unless you want to take time-lapse photos), auto-power-off (I disabled this), and auto-rotation (also disabled). That last one is so that it can be mounted upside-down and it will record video right-side-up. I disabled this because when mounted to the rocket it will be facing straight down, and I don't want there to be any possible confusion.
One really nice feature is the HDMI output. This allows you to adjust the orientation of the mount before making it permanent (you can watch on your TV while you orient it).
The video it takes is very similar to my original Contour 1080HD camera - i.e. it has a 120 degree "no-fish-eye-effect" lens. That is the one feature I hate about the Contour roam. Its 170 degree lens distorts the view. The Roam had one nice feature over the 1080HD, and that was the one-button power-on and start recording feature. This Monoprice MHD Action camera also has this feature! When mounted on the rocket, you just slide the switch aft and it starts up and begins recording. It offers two of the nice features of the Contour roam (one-button record and no fish-eye), plus HDMI out that neither of my Contour cameras offered.
Plus it's waterproof to 10 meters - so you can fly in the rain, or land in a culvert and the camera will survive
Or, as happened to me once, if your rocket gets stuck in some evil guy's tree for two months, the camera will be fine when you get it back.
Note that the camera does not come with the HDMI cable. Also, the auto-rotation only works for inverted (180 degrees). It does not work for any angle between 0 and 180 (or 180 and 360). This is irrelevant for down-look on a rocket, but you can't just mount it to an avbay sled and point it out sideways because you can't rotate the lens 90 degrees like you can the Contour. You would have to mount this camera on a bulkplate so that it is oriented upright or inverted when looking out the side. That or you'd have to enjoy sideways video.