Advice wanted about GoPro cameras

As the title states, I am seeking any experienced GoPro owners for advice. I'm not a professional snowboarder or motocross rider, but I enjoy "extreme" sports. I'm just a dad whose kids are getting older, and I'm looking for an awesome way to document the things they do - team sports, watersports, traveling, outdoor activities etc. I shoot stills on a Nikon D90 and take plenty of video with my iPhone 4S right now, but I want to really step up my videos, especially when it comes to sports and outdoors. Do any current GoPro owners have advice for a regular guy like me? Are they worth the price tag? Is the battery life really as bad as it looks? Should I wait for the next version?