I'd say "Polaroid" is mainly just a trademark licensed out by a shell company for random products because its still widely recognized and loved (at least by old people).
on second thought... maybe playing with our emotions like that is a little sinister?
I think this is good. Looks like a genuine competitor to GoPro Hero!
However, it still behooves you to know who really manufacturers and supports the product. Both so you can avoid the bad and support the good.
[1] http://www.ebay.com/sch/Camcorders-/11724/i.html?_from=R40&_...
I would say GP's analysis is spot-on, wrt other offerings that were branded as Polaroid lately. You're also right that this looks like a much more well thought out initiative. Here's to hoping it's not just more time spent thinking through the promotional materials.