are some pictures straight out of the camera comparing the Karma to the P4. I gotta say they look quite similar, although the P4 gets the edge (ignore the color and brightness differences, these are due to different exposure settings and could be equalized easily).
Also, Casey put out a new video today, showing the camera to be far inferior to the P4... then he posted an update on twitter saying that he didn't focus right
Basically, the camera is great. Just how great remains to be seen until there are thousands of them flying along with the GoPro.