Seems that everyone is doing compact action cameras, and now Sony has announced their own; though they haven't announced a price yet:
SONY DEVELOPS AN ULTRA COMPACT HD VIDEO CAMERA SOLUTION FOR POINT-OF-VIEW SHOOTING AND ACTION SPORTS
NEW YORK (CEA LINE SHOW BOOTH #71), June 26, 2012 – Sony today announced that it is developing a new type of high definition wearable video camera which answers the demand for premium point-of-view and action sports filming devices.
The new video camera will feature Sony’s hallmark SteadyShot® image stabilization technology, found in its portfolio of digital imaging products, to reduce blur and deliver stunningly smooth footage. The video camera’s small, lightweight body will also house an Exmor® R CMOS image sensor for excellent low light shooting and an ultra-wide angle Carl Zeiss® Tessar® lens. Additionally, Sony will offer a suite of mounting attachments, including waterproof and ruggedized housings.
By combining this technology with more features on the way, Sony aims to deliver a versatile, easy-to-use video camera capable of capturing full HD quality video in extreme environments.
Sony plans to bring the new point-of-view video camera to market in Fall 2012.