There are competitors, but none of them are a threat. The Contour has some traction, and the Sony ActionCam is pretty decent spec-wise, but nothing compares to the GoPro HD3 Black edition: 120FPS @ 720p, 240FPS @ WVGA, and even 30FPS @ 2.7k. They are still a generation or two ahead of their competitors.
The only thing I wish the HD3 Black had was GPS so that you could geotag your videos. That's about the biggest missing piece to that camera, otherwise it would be perfect.
Apart from the 2.7K mode (where would that be useful) the Sony matches the specs you mention. Specs aren't everything and I haven't tried either product. Go Pro has the better accessory ecosystem at the moment and may still be the better product in many ways.
I really like the look and design of contour's latest model (Contour +2), but having seen the user reviews on Amazon.com and amazon.co.uk, I feel that for me the software quality and functionality issues mean that I just won't buy it, unless this is greatly improved.
Specs aren't everything, you can compete on price. Lots of these alternatives are MUCH cheaper than GoPros. 99% of people don't even know of resolutions higher than HD, and 99.9% wouldn't know what to do with them - there are no affordable 4K TVs yet, it will take a few years.