There might be a few different models.
I picked up a HD Hero and it shoots in 5 modes.
WVGA,720p at 30fps,720p at 60fps,960p at 30fps,1080p at 30fps.
It also fires off stills every "x" seconds for whatever time.
I haven't tried that but i guess it would be like time lapse?
A fun toy!
cheers
TC