First off, Hello all. I just joined this site. Been reading thru it and already got a bunch of great info -- Thanks!
Now maybe I can contribute something. I've been using a bullet cam for motorcycling and skydiving with great results. I'm using the Viosport Adventure Cam 3 with 520 lines resolution (viosport.com). It's a little more $$$, but gives a great picture. They also offer a lower res cam for the budget minded.
I use their goggle mount to attach my cam to my goggles strap. I usually get some camera shake on openeing, but otherwise rock solid.
I use either the 2.9mm/88 degree or the 2.5mm/92.5 degree lens. Lenses run about $25-$30. The camera comes with a 3.6mm/72.5 degree lens.
I find I don't need a second camcorder because I only use the bullet when shooting inside and the camcorder is easily moved from my fanny pack to my helmet.
Hope this helps.
Being shot out of a cannon will always be better than being squeezed out of a tube. That's why we jump out of perfectly good airplanes, Bubba... - with apologies to Hunter S. Thompson