Fps or resolution

It all depends on what youre going to be doing with it! 1080 30 will give you a more natural look out of the gopro, 720 60 is pretty much for slow mo use or to get that ugly jittery almost too crisp of motion. you want motion blur in your video to make it more natural on the viewers eyes. try out both on cars passing by and see which you prefer its all up to you on the aesthetics. Honestly post processing is where you will shine with your gopro, they capture decent video but always under or over expose. if you can color correct you can make your footage look great with a gopro. One other little tip, unless you truly need the wide angle like pov or super close ups use it, but I find the medium to Narrow field of view to look less distorted and get a close cropped in image of the riders

Hoodliving1080 30 will give you a more natural look out of the gopro, 720 60 is pretty much for slow mo use or to get that ugly jittery almost too crisp of motion.

1080 30 unless it's for slow motion.

Neither of these will make or break a video
Its the content
Plus 720p isn't "decent quality" at all. 720 and 1080 are pretty comparable IMO

720/60 will be much nicer if youre trying to slow-mo anything, otherwise 1080 will off a slightly clearer picture. To be honest, theres not a huge diference between 720 and 1080 unless youre playing the video on a tv, but the quality is comparable on a phone or laptop screen. I usually go with 720/60 just to have the ability to make smooth slow-mo if I want to.

I personally think it's moreso user preference and that there really isn't a right or wrong answer.

Obviously high res is cool, though not necessary, for bigger screens that support 1080p (basically all 15" laptops these days).

Similarly, high frame rate is cool, but also not necessary (most screens only support up to 60 fps if I'm correct).

My advice: Start w/ 720p 60fps if you're starting out just to get a feel for your own preference, then play around w/ 1080p30 if you find yourself not really slo-mo'ing anything past 80%. 4/5 of 30 is 24, so anything slower will appear with an arbitrarily noticeable, lower frame rate.

18-23 frames is pretty indistinguishable to the untrained human eye, so you can always "cheat" a little (if you consider it cheating). I shoot 1080p60 and sometimes will ramp shots down to 25-30% (~15 fps, definitely noticable) b/c its ski filming and there's no rules unless you're a serious business kinda guy