Yes, they are WAY better than the ATC2k (which I have)
That's what I have an use, the ATC2k. It shoot's "ok" video and is water resistant to 5 meters (or something like that). I couldn't pass up the price though since mine was $48 at Sam's here in Austin and the gopro's go for twice as much. The biggest complaint that people have about the GoPro's is the battery life being very short. I've had the same lithium batteries in my ATC2k since I started filming with it....They seem awfully bulky. Are the little "bullet" type cameras not any good?