i am getting some pretty professional looking results (photo timelapse and Protune graded video) from my Go Pro 3 black.
Its funny when i get professional high end cameramen look at some of my time lapse animations and heli footage and go- wow! how did you get that shot and what camera is that off?
fact is - if you get Go Pros to a position where your light is nice (helis are great at this) and you are getting a speccy view of your subject then they work brilliantly. Stabilise the cam and have the option to go to slo motion and percieved production value goes thru the roof!
1080 p medium FOV with Protune (a high bit rate flat picture profile) is a real sweet spot - especially at 50p. Throw a tone mapped grade on it and kapow - the picture has pop and most of the barrel distortion is gone.
one of my faves as an example of this
(weak/ no story but a great exposition of the look)
I am still stunned that i can get such good looking images from such a disposable camera (video production - NOT so much stills)
but if you really want good production value you still need a good concept , nice sound / voiceover / story telling etc etc etc - But the Go Pro 3 does bring the visual side to the table