My setup consists of a bunch of those spy-cameras as well as an automatic switch (ebay), and finally my trusty Sony DCR-TRV27. I bought the camera 3 years ago, for $650, and it's been throught 2 lowsides and one highside. However it's still working great. I mount the spy cameras all over the bike, and even use a wireless spy-camera on my helmet. I run a remote microphone in the back of the bike (to catch the awsome sound of the exhaust), where I mount my Sony Camcorder. The whole setup cost me about $800, and it's been running great ever since.
The only problem is that the spy-cameras don't really have the resolution that I'm happy with, although I've gotten some great footage from them.
My next project is to purchase a new top of the line HDTV camcorder and some high quality Sony security cameras, and hook that up. The resolution should be between 625 lines to 1250 lines, and then I'll be able to edit it professionally and make some really nice video's.
One thing I can tell you, is that KEEP the recorder on as much as possible(you'll never know when you'll get that great clip) and keep playing around with the locations for the camera(s), as you will find out that you'll only be able to use about 1 minute of recorded film for every hour you record, IF you are lucky.
Also play around with a PC editing software (Vegas 4.0 is what I use), and start making short video's with your friends. You'll be surprised how easy this stuff is, and how nice it can come out if you spend some time with it.
Good luck.
