Another model I like the looks of:
Sanyo VPC-CG10 (5 hours record time, 720p, 10MP still camera, SD/SDHC card slot) $169 USD
http://www.amazon.com/Sanyo-VPC-CG10...8309132&sr=1-1
Here's some footage shot with the Sanyo:
http://www.youtube.com/watch?v=biHIxFwTqPA
And some footage shot with the FLIP ULTRAHD
http://www.youtube.com/watch?v=Lsv06xKSWrc
I think I'd go with the Sanyo overall.