GoPro (owned by Woodman Labs) has a high end solution for this. They specialize in cameras that can be attached to helmets, handlebars, or even worn directly on the user so that others can experience events from a more realistic POV. The GoPro Hero 3 line of cameras ranges from $199 to $399, and are often used by amateurs and enthusiasts alike, provided they can spend that much.
An innovative company known as Miveu has developed a device that allows users to take their existing iPhone 4/4S and utilize it as a similar device. The Miveu X is a chest/helmet/handle bar harness that has a specially designed case for the iPhone to fit into, while allowing the user use of both of their hands. Integrated into the case is a special wide angle lens which significantly increases the viewing angle on the iPhone so that even more of the experience is captured. The retail price is $99, assuming one already has the iPhone to go with it. Unfortunately, Miveu has not created this device for Android devices yet.
For amateur use, this is definitely the way to go for iPhone users! What do you think? Would you use this product? Let us know on our Forums, or on Facebook!