You also have to really think if you want to deal with HD files. They will be much much larger to save and backup. If you really want to watch the HD movies on the computer or on a HD TV set then go with the HD version. If you don't really need the HD resolution or will just be uploading movies online you may not need the extra resolution from the HD version. Just some things to keep in mind.
I think if you can find the HD at a decent price I'd go with it. I got mine (Ultra HD) at Best Buy on sale for $169.99 plus I had $10 dollars in rewards coupons, so $159.99. I think there is about a $50 +/- difference in the two. I love the video on the HD, but I've seen two Ultra video reviews that look pretty darn good in quality. I'm thinking of getting my son the Ultra non HD for Christmas, just because he will trash it quick and why spend the extra $$$.
This is in response to Nikon Fan's post. As I read your comments about getting your son the Flip cam that was non HD due to the fact that he will "trash it quick" I became very sad. What kind of world is this where we "EXPECT" our kids to trash 100.00 plus Xmas presents quickly? This has become a "throw-away" world and our landfills are overloaded with cell phones, laptops, and all manner of electronics as our kids want the newest, the biggest, the best within months of getting a gift.
I am not saying anything bad about you as a parent as this is all of us really. It just hit home for me from your comment. I had my stereo that I got when I was 12 for Xmas until I was in my mid 20's! I just wish kids realized that money does not grow on trees and that all these companies realized that they should make products that don't break in 20 minutes.