I got the Hero for Christmas and it's been handy for pissing about with. I'd have liked to get a more expensive one but I probably wouldn't be able to justify the jump in cost.
It's done ok for time lapse in work, I attached it to my fishing rod the other day and sent it down 20 odd meters and it's fine.
Cons are no removable battery though for this model, can't change time lapse settings etc, but it's only £94. Video quality is fine, 60fps at 720 or 30fps at 1080.
Still quality isn't brilliant,not that I've used it for photos apart for time lapse so it might be better if its just camera although I doubt it. 5mp camera I think.