This was an interesting read. Being a noob(41 jumps as of today), I thought I would throw in my two cents on this...
I currently have one of the new GoPro HD's that I use on my motorcycle routinely. I use it on the track and I use it on the street. For shooting simple videos for myself and friends, it works great. I certainly wouldn't try to seriously pawn off the vid it shoots to somebody for $70.
I have yet to attach to my lid and jump with it.
I am very hesitant to do this as all of the talk about the negatives of doing this that I've heard from the day I got my A license. If mounted properly, I have a hard time imagining the risks it poses in regards to it being a snag hazard. I would think that for it to get snagged, something else would have had to happen to cause it (like deploying on your back). Now, as far as it being a distraction, I can fully understand that. While 200 jumps may just be an arbitrary number, it is a good suggestion. I plan on waiting till I am at well over a hundred before mounting mine.
One thing that I haven't heard being mentioned is to do some solo jumps after mounting it and getting used to having it there while not having another jumper with you as an additional distraction. I would think that this would be a good idea. Not one shred of evidence exists in favor of the idea that life is serious.