I only have the GoPro 1. (2 wasn't available :/) Get yourself a class 10 32GB SD for it, you can record for roughly 4hrs on a battery - but an extra battery costs you R280 or thereabout I would imagine.
Here's one of my dive videos I did with the std. housing. I've since then gotten myself the proper dive housing which I'm still keen on testing.
[video=youtube;XTlRvPAd3Is]http://www.youtube.com/watch?v=XTlRvPAd3Is[/video]
The underwater footage for normal housings isn't too great, but with the comparison I've done
here it's quite a difference. (Also note that HD descaling was used to allow for youtube uploads. The original HD vids look much better. I should prolly use vimeo or something more hd friendly)