Hi Rajan,
You nailed it. I'm flying a DJI Phantom I and GP Hero 3 Silver. The IQ compared to my real cameras isn't there since it's a basic-medium jpeg compression, low DR and fixed at iso 100. However, the POV more than makes up for it!
The new DJI that I saw at NAB in Las Vegas will hopefully be worth the wait since it has raw output, longer flight time and better electronics.
Finally, a way to do aerials in the field on my time and at my location and from a much more photogenic altitude!