Well, most any compact video camera will 聯work,” so far as that goes. Sony聮s DCR HC48 MiniDV camcorder ($500; sony.com) is compact (2.6 x 3 x 4.5 inches) and light (15 ounces) and has excellent video quality thanks in part to its superb Zeiss lens. Panasonic聮s PVGS80 ($279; panasonic.com) offers similar dimensions and the same MiniDV tapes for recording, but without some of the bells and whistles of the Sony. Both offer image stabilization, which could come in quite handy on a bike.
Panasonic PVGS80 Mini DV Camcorder

The problem, it seems to me, is mounting it to your bike and getting any meaningful footage out of it. You can look around on the Internet and find examples of how people have rigged handlebar mounts, but you won聮t find one commercially made (so far as I can tell). Then there聮s the problem of video quality. For some reason I think you聮re talking about a mountain bike, and even with front shocks and image stabilizing I don聮t see anything coming out of this except hours of blurry tape.
As for carrying a camera in a small pack and pulling it out to record key stretches when your friends try them聴well, of course, that would work just fine. And that聮s mostly what you see on YouTube in all those taped cringe-inducing crash videos.
Or, re-think the solution. One possibility is the Digital Hero Camera ($140; goprocamera.com). It聮s a compact 3-megapixel digital camera that straps to your wrist (or a handlebar). In that mode, it聮s not too much bigger than a very fat watch. Then, to use it, you simply flip the camera up (it attaches to a hinged mount) and press the shutter button. It takes stills and fairly decent (but short) video. Are you going to want to shoot film while bouncing down the local singletrack? Well聟probably not. But it聮s a very handy thing to have, and it certainly eliminates the hassle of fishing a camera out of a pack.
The Gear Guy reports from , the bi-annual gearapalooza in Salt Lake City. Check out his top picks for gear to watch in 2007.