I'm a little late to this one, not sure how I missed it but here it goes:
The Flip Ultra HD definitely has the better image quality. I tested both of the cameras side by side the beginning of December. The color was much better on the Flip, and the Picsio produced a lot more noise.
I did the same. For topside video, the Flip captures more light in low light situations. Whether this matters depends on your needs. For me, I only record at the beach before/after a dive and in-water during a dive. I like to shoot the location and conditions to set up the mood in the beginning of videos. Using the Flip I can do that at night but the Picsio I cannot. It's not a deal breaker for me.
But I am still happy with the output of the video from the Picsio tho I agree the colors are slightly more vibrant on the Flip.
I first went with the Flip Ultra HD. Initial thoughts were: very nice build and takes great video. Nice audio too. However, upon plugging into my computer, I found the fatal flaw. The device is annoying because it stores the video files as MP4 files, which are not universally compatible with editing programs.
I used Vegas Platinum and also Adobe Premier Elements (latest version at the time) and didn't have any problems with the video the Flip produced. A word of caution: I used a 16 CPU/Core machine with 24 GB of RAM and Adobe choked (Windows 7 64-bit). Vegas had no problems whatsoever (it was nearly real-time [even on my dual core with 2 GB of RAM]).
The main downsides for me [of the Flip] are the lack of a white balance lock/control, and a fairly telephoto non-zoom lens (around 40mm give or take) which makes an expensive wide-angle accessory lens almost a necessity.
I haven't had a chance to use a Picsio, but I'd love to play around with the 60fps mode and see how that works out.
The Flip does seem to saturate a bit if there's too much light in the view (at night) and the lens is a bit more narrow than the Piscio but it takes good day video.
The Piscio in 720 mode (60 hz) records video with stunning clarity for the genre of cameras it occupies. Couple that with (albeit minimal) OIS and a wider built-in lens, makes for much more stable video than the Flip, IMO.
I'm looking at both the Ultra and JVC. Can anyone sum up the major differences in a couple of words?
If you search for my posts, I made a very detailed comparitive analysis earlier this year but I'll summerize:
Flip:
(Pro) Can change batteries
(Pro) Takes better video in low light
(Pro) Good sound (but that doesn't matter underwater)
(Pro) Turns on near instant for those moment when the camera is off and you need to get something immediately
(Con) Can't change the memory so on long trips you have to download the video to record more. It's not so bad, you eventually learn to only record the shots you'll keep anyway so you don't sift through 10 hours of video to edit. In the end, I kept two Flips for those long weekend trips.
(Con) Too sensitive to light hot-spots on night videos
(Con) No OIS so the video can be shaky but is easily overcome by controlling bouyancy or, as I did, fabricating a special two arm tray (Ikelite makes such a tray now but didn't when I needed it)
(Con) Recording at 30 FPS, panning too fast produces blur. Surge and fast fish may appear blurry. But it's not a big deal, on my 52" LCD TV, your eye focuses on the main object of the scene and you don't notice it too much.
(Con) Must be more than about 24 - 32" to have good focus. Any closer is blurry (without a maco lens)
(Con) Narrower lens so you have to either get a wide-lens or be further away for some shots
JVC Picsio:
(Pro) Wider angle lens so you get more in the scene, but helps control the "shaky" a little bit, too
(Pro) Replacable memory cards for those long trips
(Pro) Rudimentary OIS (better than none)
(Pro) Can record in SD, 720 (60 Hz), and 1080. 720 mode is by far the best, in fast panning or fast fishies, video shows up crisp and clear
(Pro) It has less light sensitivity (a con surface-side) but pays back in spades if you have too bright a light in the shot. The Flip will saturate to the point you can't use the video, but the JVC does wonderfully in this area (tested with a hot spot from my 21w HID).
(Pro) Has a macro mode that you can switch to (I think while recording even, but I'm not sure). This allows you to get about 1" from the subject without blurries. If you checkout my videos on youtube.com/leabre, the 5th one (night at Heisler) uses the Picsio. The beginning and end scene are about 1" from the fish, you'll get an idea what I'm talking about.
(Pro) Focal point is about 12" (non-macro mode) or so (IIRC) as opposed to 3 ft. for the Flip
(Pro) Slightly better video compression than the Flip. I recorded a dive side by side and got 50 minutes of identicle video and the Flip consumed 20% more hard disk space
(Con) Cannot change the battery so you must carry a second if you want more than 90 minutes of video without charging
(Con) Poor low-light sensitivity surface side (can't film the dive site at night)
(Con) Takes a little longer than the Flip to power up and start recording. Quick for sure, but slow enough I lost some good shots whereas I never lost a good shot with the Flip (which is much more instantaneous)
(Con) I hated the still photos it took but then, that's not what I would use this device for anyway
(Con) I didn't like the 1080 quality nearly as much as the 720 mode. I used a friends JVC and recorded a dive side-by-side one in 1080 and one in 720, I could not stand to watch the 1080 after seeing the 720 recording of the same.
A lot of time has passed since I last used either camera. I haven't used the Kodac Zi8 but I hear great things about it.
Hope this helps someone.