From my admittedly quick hands-on, I've pretty much decided that the Kodak Playsport is the most practical pocket camcorder to date.
It's rugged and waterproof up to a modest (though useful) 10 feet. That's nice. But what you can't tell from a spec sheet is that it's wonderfully shaped and very solid in your hand—probably more solid than any other pocket cam I've held. The rubber grip is perfectly positioned to add...grip, and the HDMI/USB ports are plugged with a latch-protected stopper.
Basically, I trust that it's actually waterproof, especially as the demo unit was still working after being submerged for 8 hours.
And as for the internals, the sensor is identical to that in the larger but respected Zi8. So the Playsport's 1080P video should compete with other camcorders in the sector.