I have a Hero 3 White, didn't buy the Black because of some freezing issues reported.
Consensus on the Gopro forums is that the write speed of the GoPro recommended Scandisc Ultra Micro SD cards is insufficient, especially when using 'Protune' combined with a 64Gb card.
I'm using a Scandisc Ultra 36Gb card, and on 720P I can record for 2 hours on a fresh battery. (It does split up the recording into sections though, but these can be spliced seamlessly with the free CineForm software on the Gopro site)
Haven't used the Hero 3 on the banshee yet, only SCUBA and skateboarding. I would use the closed door on the banshee to reduce wind noise.
Overall I'm very happy; I bought the Hero 3 based on my good experience with the original GoPro and all the mounts that I already have.
The new firmware update and the updated app lets you view, control and record straight to your phone, pretty cool.
My bud has a Contour +2 with GPS, awesome little camera, the software shows track and speed when you play back, plus it doesn't look like a toaster on your head.