This right here sum's it up. You spend $300 for the camera, $50 for the red filter, and $50 for the dive housing. So that right there puts you up to $400. For that money you can buy a Canon S100 which will shoot 1080p videos and 12mp photos. Very close to the gopro.... however, and this is a big deal, you now have a zoom, AV mode, TV mode, macro mode, underwater mode, and a list of other features that the gopro only can dream of.
Now many of you will say "well you have to buy the housing for the S100." And this is true, Canon's housing is $220, which is an added expense to the rig. But, who here has just bought a gopro, dive housing, and filter?... I am willing to bet not many. I have the LCD, battery bakpak and a list that I bet you would be around the same price of the housing for the S100. And many if you have done the same.
So when it comes down to it, if you want a very easy, good quality and cheap rig, get yourself a gopro. But if your looking for that little bit better, something with better features, and a rig that can take you from beginning photo or video (just camera and housing) all they way up to a sweet rig that knocks on the doors of DSLR's (highest quality housing, strobes and video lights) then go with a REAL camera.
If you haven't thought of it by now my next rig will be the Canon S100. Not only does it do the same thing as the gopro but now you have the ability to change setting/ function/ focal length to get the photo or video that much better. However I will keep my gopro and use it as its own rig on the S100. That way if the S100 is rigged to take only photos and I see something that I want video of, the gopro will be right there.
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Also, Im working on a video that I have taken with the gopro where I went through all the setting to see what they would do. For example, have the camera pointed up when you hit the record button to get as much light into the camera and then look at the subject with the filter up, then flip it down to see what the camera would do to compensate for the addition of the filter. This should been done in the next couple of days.