Hello!
I've written an Avisynth filter that uses a computer vision algorithm to track the object photographed, and crops the frame around it. The result is a "perfect" frame, after discarding the less interesting "pixels". You can watch a small demo of a ski movie using the Hero HD at youtube, and download it for free from sourceforge.
this was made for producing youtube or SD quality video from HD helmet mounted camera.
contact me here if you need help in getting it to work, but the first stage is learning a little about avisynth...
bye,
Yoyo