The reason I ask what you will be using it for is to determine which set of features you need. If you're going to be using it for simpler activities, don't go all out for a Black edition with a 60fps, 1080p cam (all HERO3's are 1080p, anyways). The reason the Black Edition is so expensive is because of the crazy quality it has, and if you're using it for a more simple basis I wouldn't worry about the difference. The Silver or even White is perfectly fine for you. The main difference between these two is the white's camera has a 5 megapixels with 3fps burst while the silver is 11 megapixels with a 10 fps burst -- is that worth $100 to you?

Much like Band-Aids or Kleenex, GoPro makes products so good that their brand name is synonymous with the product itself. GoPro’s portable video cameras set the standard for action cameras: they’re durable enough to withstand just about any outdoor activity, they’re easy enough for anyone to use, and they include features typically reserved for far pricier cameras. 

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GoPro cameras are great for hands-free, point-of-view recording — but that doesn’t mean they can replace a camcorder or larger DSLR or mirrorless camera. For advanced users, a GoPro’s lack of fully manual control may be problematic (you can set exposure compensation using the Protune feature, but you have no direct control over aperture and shutter speed). The lack of buttons and dials also means you’ll have to rely on the touchscreen or your smartphone to make changes, which is fine for set-it-and-forget-it adventure filming, but isn’t great if you need to make adjustments on the fly.
The HERO4's come with only a few mounts and do not come with Wi-Fi accessories because it's built-in! If you're looking at getting a brand new GoPro and the best of the best, the HERO4 is what you need to look at. In our opinion, the Black Edition at $500 retail is a bit steep and is geared more towards movie makers and professional studios. What we found interesting was the fact that the Silver Edition has a built-in LCD but the Black does not. Is this important to you? Also, the 4K cinema at 30fps with the Black Edition is crazy; however, it eats up a lot of battery. The Silver Edition films in perfect 1080p which is the standard for most playback devices, so going with the Silver as opposed to the Black is more recommended in our opinion.

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GoPro is leading the charge toward consumer-created virtual reality (VR) environments, and their first VR-ready cameras make it happen with what they’ve dubbed “spherical capture,” which is pretty accurate, given the 360° field of view they record. VR is still a nascent technology, but it’s definitely the future. If you’re an early adopter, you’ll want to pick up a GoPro with spherical capture.

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