I have used my go pro several times now and find the time lapse video only really good if not making lots of tight turns. If you are moving around lots then taking video is best.
Here is a youtube video I uploaded that combines both sped up video and time lapse video at about 30 second intervals.
I keep the resolution on the pictures as high as possible. For the view I preview it on my Iphone app first to see what picture I like the best.
Here is another combo video of sped up video and time lapse in the San Juan Islands -
I used time lapse every 5 seconds for the sunset cruise, the video at the end was sped up 1500x as we were moving very slow through the pass.
I also used some underwater video from my go pro when we found some dolphins this past summer -
The go pro software is what I use for all my editing. It does take up alot of space but the finished projects are lots of fun.