The Contour is better bang for your buck, for sure. Both are very good however.
1. the Contour can go on your goggle strap. The Go pro really doesn't work well in that application - helmet only for a headcam.
2. The GoPro has a waterproof case that it comes with. You can buy the contour case for 30 bucks extra to make it more waterproof (although a meter waterproofing is pretty legit for snow, so this is moot unless you're doing real water sports)
3. Both work really well for pole mounts. I feel like the contour is a little bit better due to it not sticking in the way of tree branches that it could be snagged on so much.
4. That said, the gopro allows you to change the angle of the camera a lot easier. Contour doesn't unless you get the swivelmount.
5. Contour GPS is the same price as the Hero2, and has friggin GPS - so you can upload it to the contour site and show everybody where you've been, and you can see your speed, elevation change, etc.
6. Contours don't make you look like teletubbies.
7. Contours also have laserbeams, so you can pretend you're a shark with laserbeams attached to its head.
6. Gopros are a little lighter I think, so they don't weigh your helmet down quite as much (although it's pretty minuscule of a difference, really - especially if you're top-mounting your camera)
7. Gopros allow you to buy 2 of them and get the 3D mount - which is cool if that's what youre interested in.
8. Gopros allow you to have a bacpac screen to review your footage - which is a really cool addition.
9. GoPros also have a battery bacpac so you can have more power for longer on the hill - Contours don't so buy an extra battery or hope 2 hours is all you need.
10. GoPros do 120FPS which is nice for super slow mo.
11. Contours can uplink liveview and footage via bluetooth to your iphone - so you don't need the addon bacpac screen the gopro has. (Gopro can do the same I believe)
12. The Contour+ has an external mic jack which is good if you like good audio and have a good external mic, because onboard omnidirectional mics just pick up lots of wind sound which is terrible and useless. All other contours can be fairly easily rigged up with a mic-jack, as i did with my contour Roam (youtube it)
So yeah, theres a lot that i'm not even mentioning here, but I like both for certain applications.