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From what we can tell, the top of the line HD Hero 3 camera is leaps and bounds better than the HD Hero 2. All three new models are about half the size of the previous version, include an improved housing, and the specs are well... very impressive.
Model by model, this is how the specifications break down:
The White Edition looks to be an upgraded HD Hero 1 Camera that includes WiFi, a new flat underwater dive lens and the new, thinner profile. Available 10/21/12.
The Silver Edition is basically an updated HD Hero 2 camera with WiFi built in, the thinner size and and improved housing. Available 10/21/12.
This is where things get really interesting. The Black Edition uses brand new technology and boasts some incredible settings, including 60 frames per second at 1080p and 120fps at 720p. Available mid to late November.
While most of your current GoPro accessories will still work with the new cams, note that the cameras now use Micro SD cards due to size restrictions.
Watching the promo video, below, we've got to admit that the footage from this thing looks good. Really good.