Sony has announced GoPro Competitor, the Action Cam.

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Cheesy Cam has the article on the new waterproof GoPro competitor from Sony.

Very cool to image stabilization, and a quick release plate, and even cooler 120FPS at 720p! THAT ROCKS!

There are two models according to Photo Rumors.

Sony HDR-AS10 HD action camcorder specs ($198):
Capture Full HD 1920 x 1080/30p Video
Back-Illuminated Exmor R CMOS Sensor
Compact, Rugged Design for Action Sports
Waterproof Housing with Tripod Mount
Waterproof Housing Good to 197′ (60 m)
Wide Angle Carl Zeiss Vario-Tessar Lens
SteadyShot Image Stabilization
HD Slow Motion Mode at 60 or 120 fps
HDMI Output & Built-In Stereo Microphone
Memory Stick Micro & MicroSD/SDHC Slot

Sony HDR-AS15 HD Wi-Fi action camcorder specs ($268):
Capture Full HD 1920 x 1080/30p Video
Back-Illuminated Exmor R CMOS Sensor
Rugged Design & Built-In WiFi Capability
Waterproof Housing with Tripod Mount
Waterproof Housing Good to 197′ (60 m)
Wide Angle Carl Zeiss Vario-Tessar Lens
SteadyShot Image Stabilization
HD Slow Motion Mode at 60 or 120 fps
HDMI Output & Built-In Stereo Microphone
Memory Stick Micro & MicroSD/SDHC Slot

Which looks like the higher end includes Wifi, like the additional GoPro wifi backpack.

And you can preorder from B&H.