Thanks for the info guys. I am probably going to look at a lower end HD flash camcorder. They seem to be the best option. I actually found a video I recorded on a bullet camera:
YouTube - Victa Airtourer - Bullet Camera
You can see the quality is quite lacking. It is a middle of the range bullet camera plugged into a Mini DV recorder.
In contrast, I found this video, recorded on a Flip Mino HD:
YouTube - Flight in Alan's Pitts S-2A - White Waltham - 18 Apr 2009 (use HD for best viewing)
With a wider angle lens, I would be very impressed with this option.
Ozzi