This thing comes with a waterproof (up to 60m!) housing as standard, just like the GoPro. Besides the typical wearable accessories the ActionCam has image stabilization, ultra wide angle (170 degree) Carl Zeiss lens and besides 30 fps Full HD 1080p (1920 x 1080) a whopping high speed recoding mode of 120 fps at 720P to boot.
There's even a wifi version (view & control using your smartphone!). The price is very competitive at around $200 for the non-wifi version and around $250 for the wifi version. Available around october 2012.

This Sony ActionCam isn't as small as the Pivothead, but if the video quality is anywhere near the HX9V I'm sure the larger size and weight will be worth a try. It's cheaper too!
Looks like more camera companies (like JVC's GC-XA1) are trying to give GoPro a run for their money. That's good news indeed!