Chest mount is the killer edge the Gopro has, basically. Their helmet mount's good too, but helmet footage tends to be floaty and disconnected, and flattens out and slows the trail very badly. Helmet's good for group rides though, the camera sees what you see. Always a reasonable option but not often a great one.
Chest gives a bit more of a feeling of riding, you get the roughness without the rattle if you know what I mean. The downside is that like in gavgas's video at the start, when your knees pop in and out of shot it looks weird- I mount mine high and aim it slightly higher to reduce that but it's not foolproof..
It's good to mix up mounts though to get a variety of footage, bar mount or frame mount works well too- the rollbar mount they sell can wrap around frame tubes easily (though it's bulky, so quite easy to bash a knee on)
Chest mount example, I think this shows it pretty well, obviously it's incredibly s**t riding but you get a nice feel for what's going on I reckon.
Whereas this Hissing Sid shows off the helmet camera at its worst- there's no impression of roughness or steepness at all, it just looks like hovering along on rails. But then, it shows how well it works for other stuff, the second part of the vid wouldn't have worked at all with a bike or chest mount and it gives a good idea of the surroundings etc.
The main thing about the chest mount that bothers me is that I really don't want to crash on it. It spreads the load well so it's not going to impale you but it's potentially a little anvil for the sternum…