The editing software is the most important part of the production. Flip software is EASY to use! My second choice would be iMovie for Mac. The processor is critical is if you edit with a Mac get a Macbook Pro vs MacAir!
I like the Flip best with 60 frames per second. It's HD microphone is much better than the GoPro. What you can do with the Flip is start and stop the video to take short videos which is easy to edit. The new GoPro Hero 3 has wireless stop/start capability - this is a must. Otherwise you have one huge video file which takes much more time to edit.
Camera position is important. Mounting a GoPro on the back of the boat can be BORING unless you hit the mark several times LOL. I loved Bob's video of last year's NAs. I like the Flip because you have complete flexability, but you are left with one hand when sailing. My sailing team gives me trouble when doing video work while racing - don't lose focus. My favorite technique is is what Leighton O'Connor. Use a GoPro with a head strap! In a perfect world, have a GoPro mounted to the stern, Flip in hand and another GoPro on your head... Here is Leighton's video using a GoPro strapped to his chest.
