Check out this video of someone skydiving with the Kodak Playsport.  He also wrote an excellent review:

“I mount this little camera on the bow of my scull when I’m on the lake. Usually, it’s early in the morning. Ducks are swimming, fish are jumping while I’m there. And guess what, this camera makes it all there for me when I get back.
When I go skydiving, I put the camera on my parachute chest strap. The only way I’ve found to do that is through a transparent camera case that is fashioned in such a way that the camera is upside-down. So it records the pictures upside-down. When I get home, I use Windows Live Movie Maker to turn the pictures right-side-up, piece the movie segments together, and complete the movie for me.
What a treat this little camera has been. I bought a 32GB card for it, so it WAY outlasts the battery. But recently, I bought an “extended life battery” for the camera and hopefully that will help out. The extended life battery came with a one-hour charger that you can use at home or in the car. Great buy for about $20, total.
Buy this camera. You won’t regret it!”