My uncle was rockin' a Flip Ultra during Thanksgiving last year and I had some birthday cash to spend so I bought a Flip Mino last week. I like the button arrangement better than with the Ultra and it's smaller, but it has a rechargeable battery whereas the Ultra takes AAA. It's definitely pretty cool and the quality is better than expected.
I made a short test video at the Sunnyvale farmers' market this morning (I'm the one talking):
They make a cool accessory called the action mount that lets you attach your camera to a helmet or bike handlebars. It's only $15 so I'm definitely going to order it so that I can take videos during my bike rides.
Edit: For some reason, it'll only buffer up the first three or four seconds. You can use the slider to access the rest, but that's kind of lame. I think I'll upload them to YouTube in the future and then just embed them or link to them here.