The Hero3 cameras have an issue with dealing with low frequency sounds that typically happen while driving a car (check out some of the threads on the GoPro forums!). The only real fix is to buy a mic adapter cable and external mic to record audio for certain activities, but this requires you to use a housing that is not waterproof. I have a Hero3 Silver edition (which is pretty much the same hardware as the Hero2, but in a smaller package and with a few extra features) and video quality is great. From comparisons, the only real benefit of spending the extra $100 on the Black edition is if you want to film in high-speed, ultra high res (4K, 1.7K?), or take very high res photos. Also the Black edition comes with a Wi-Fi remote which is cool, but Wi-Fi kills the battery quickly. Plus, the Silver edition (and maybe White) is Wi-Fi enabled already, so you can actually control and monitor your GoPro from an iOS or Android device, which is what I do.
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