@Bryan, I had the exact same ideas. I actually have a wifi backpak for the hero 2. I've learned a couple things that didn't work as I thought that changed my thinking.
Keep in mind 90% of my applications for the camera involve water. So these are just food for thought.
- the wifi doesn't work under water. I learned this while shooting tank videos at home, as soon as the camera is dunked I lose the preview on my phone.
- while snorkling in hawaii I got pretty jealous while I watched another gopro guy shoot a video, take a break and float in the ocean while watching what he just shot. If he didn't get what he wanted he just did it again. Obviously there were many more steps for me to get out, link the phone and repeat. There were lots of shots I would have done again after I watched the footage.