I have the Flip Ultra HD it records pretty awesome video but you need to remember that is a very basic camcorder with no real features other then it records HD Video.
I have used it to make some quick little movies. Then I edited them with iMovie 09 and the quality is pretty awesome for a little device. One issue is there is no stabilization feature so this is all done in software afterwards so that can be a bit of a pain to deal with.
Also it's not the greatest in low light conditions as the picture can come off a bit grainy but it works fine for normal shooting in daylight or indoors with enough light. If I can I put the camera on my gorillapod and record with that and quality is awesome.
The sound it records I can't really say much about since I haven't had the camera that long and haven't done much testing with it. But battery life has been good and the fact it has a rechargeable battery that charges over USB is nice. Or you can pop in some Double A's as well.
One thing I would recommend is a USB Extension cord since the USB port on the side isn't exactly ideal in most situations. I picked one of those up from Amazon for $6 MonoPrice had them for $3. But I wanted the 2 Day shipping with my Amazon Prime for a trip I was taking. The Flip Branded one was $24 which seemed dumb to me.
Overall if you don't need do to anything big it's perfect. Also nice for kids since there isn't a moving lens to break off or anything. I say for $199 for the Flip Ultra HD is worth the price. I liked the size of the Flip Mino HD but not the recording time. But that was just me.
Cheers hope that helps. I am happy to answer any questions you may have about the device.