I'm in a PAL region, so I tend to use 25 or 50 fps, but the theory is largely the same.
I prefer to shoot 1080x1920 at 25p as this intercuts with my DSLR footage, I've yet to do a project entirely in GoPro as I'm not a surfer or skateboarder.
I have the original HD Hero and the HD Hero 2, and the frame rate is tied to the resolutions, so you only get 50fps (or 60 for you) in 720 mode, so the data rate kind of balances out.
The Hero2 has a ProTune mode which gives much higher data rates if you are happy juggling around with grading etc. I think the latest top spec version offers 60fps at 1080, you would need to check the website though.