Yeah, but quite bulky, multiple power supplies, and wires everywhere. I used to use a seperates system (a Vio bullet cam, seperate mics, and a solid state recorder) on the motorbike as I could leave it permanently wired in and run it off the bike's battery, but I couldn't be doing with all the cabling and seperate power supplies for mtb use. Not when a Helmet Hero gives passable quality in a single unit.
Helmet Hero HD or Countour HD will hopefully drop in price soon, seperates will still have some advantages but it's hard to beat that simplicity once it also brings with it good quality video.