Thanks for everyone's comments & contributions here, some excellent points have been well made. I'm just back from Cornwall & didn't get the opportunity to test the camera again, for one reason or another (mostly high winds) but I still wanted to respond to some of the points raised.
Firstly - Pembroke, did you not use the promo code - HTDC05 it was 10% off the price you quoted regarding the wide angle model?
I wanted to make a few observations regarding quality. The 720p has been surpassed but Youtube is probably the easiest and most commonly used medium to view our videos and it will only broadcast at 360p/480p so most of the higher end quality is removed anyway? Also the original movies look great (HD) on a 17" laptop and a 32" TV but that's where it may end because I don't have an HD TV. I also get the feeling than any higher quality wouldn't play on my desktop or laptop anyway, due to lack of RAM.
So if you got a bit of scratch (cash) you may not be interested in this lower end camera.
However, if you are looking for a small, unobtrusive way of capturing your catches with a good quality, tough little camera, the bullet cam in all its different forms and costs maybe the way to go.
I also thought that the video comparing the contour and gopro showed just how much empty ocean is captured using wide angle lenses - I want just the fish in my vid/shot???
As for the light issue I think only by underwater testing can we see if the light sensor is good enough so I think caution (as advised by Broseidon) may well be the best policy but the vids I have already posted do show the changing of light conditions from bright window to darkened room and it seems, all things considered, (quality, price & suitability) pretty good for £86.
baldyfish - I haven't come across any housings for bullet cams so it may be worth looking out for those - may be simple enough to make even!
vasile - got to say the contour looks a good investment as well as looking suitable for spearos - what is the maximum depth?
It clearly very much depends on your personal preferences & budget, you may be slightly more interested in underwater photography than dinner on that particular dive and given the wealth I would have a GoPro and a bullet cam for just such an event.
On the other hand, like me you may just want a little vid you can post up on Youtube for posterity and to show family & friends how I actually caught the Bass or Mullet which they have just eaten!
As soon as I have tested in some decent viz I will post again but in the mean time its very helpful to hear everyone's thoughts so please keep them coming in too
