I finally came to my senses and bought myself a Canon HF10 Camcorder. This thing captures both picture and video in AVC H.264 at 1080i! Wonderful high definition clarity! It arrived last week and have been playing around with it for some time.
I took some sample shots of me on my bike by the use of a newly purchased camcorder mount for sport-bikes. The one thing that I over-looked was that my windshield was smoked - and so that would mean the video would be darkened and distorted. You'll just have to see it [here] to see how bad it looks.
I also have a video of before and after of my recent endoscopy (they wouldn't let me actually take video of the procedure).
note: I'll be uploading the videos soon...