There are competitors, but none of them are a threat. The Contour has some traction, and the Sony ActionCam is pretty decent spec-wise, but nothing compares to the GoPro HD3 Black edition: 120FPS @ 720p, 240FPS @ WVGA, and even 30FPS @ 2.7k. They are still a generation or two ahead of their competitors.

The only thing I wish the HD3 Black had was GPS so that you could geotag your videos. That's about the biggest missing piece to that camera, otherwise it would be perfect.