I use the Contour 1080HD and get some great quality footage. Wind noise can be an issue and is its weakness if I am honest. No idea how the Go-pro compares in this area. I went for the Contour as I felt it was less prone to getting damaged/knocked off, you may see "toaster on the head" comments.
With the laser alignment I have not yet managed to shoot a days riding and shoot the front wheel all day which I have known others do with the Go-pro.
I got mine from Dogcam Sports as I have always had great customer service from them. They sell both so discuss your needs with them.
A word of warning though. Shooting the footage is the easy bit. It is the editing that takes the time and effort. 😀