Share the pix from your pocket... or it didn't happen ;-)
I also have a gopro. Its not the 1G model, it's the 2G model (not the current 3G model).
The biggest issue I have had involves POINTING the camera. So, after climbing a pitch, I stopped and restarted the camera which caused it to point down more toward the top of my helmet. The next pitch has 25% viewing of the top of my helmet. DOH.
For editing... iMovie or Windows Movie Maker work great.... Movie Maker does transitions fairly well. You will find some issues. Of course if you're doing something very intensive, you'll want to have something like Premiere. But unless you're really doing PRO work, I'd avoid Premiere.