Contour did go into bankruptcy. They used to be headquarted a couple hours from me in Seattle. They were reorganized in 2014 and are now headquartered out of Utah with a new CEO that came from Apple.
http://business.transworld.net/14871...new-ownership/
Contour and Gopro both had good products. In the early days, the audio quality on the gopro's was meh. Contour had less of a fisheye and better audio quality (when not in the wind). They also had a great profile for mounting on helmets. They had some very cool innovations too, like the Contour GPS where you could overlay speed, elevation, and a map into your videos. It was pretty cool. They also were the first to have an app for the cam, allowing you to remotely start/stop video as well as use it as a viewfinder.
Ultimately, my Contour GPS became too unreliable as it wouldn't always start and stop the videos when I wanted, leading to missed footage and corrupt files. That's when I finally gave up on my Contour GPS. Missing footage was unacceptable and completely defeated having the cam in the first place.
So I returned my unreliable contour GPS to REI and got my money back, and went out and bought a gopro 3+ black. It's an awesome cam, and I have a blast with it, but I struggled with the idea of using it snowboarding. I was also going to miss how perfectly my contour would mount in the ram air intake of my sportbike...
I wasn't excited about trying to figure out how to mount the gopro on my snowboard helmet in a way that would survive crashes and tight tree runs. So, instead of investing in this or that helmet mount for my gopro, I just went out and bought a contour roam2 on closeout for $100. The top switch couldn't be simpler. Slide the huge glove friendly switch forward and the unit powers up and starts recording. Slide the switch back and the cam stops recording and powers off. Simple and effective.
So, for me, when choosing whether I'd be best off with Contour or GoPro, the answer was "yes". I have one of each. They both have their strengths, so I just pick my preferred cam for the activity.
Oh, and my opinion on why contour went under was because gopro out marketed them, and they snagged the market share early and became unstoppable. They just got more and more momentum and won. Kind of like Apple--they had a good solid product, marketed the hell out of it, got market share, and now are unstoppable.