It has worked well for me for everything. It records 30frames/sec video at 640x480 (standard vga) resolution...better resolution than TV; slower frame rate; but very watchable. Certainly good enough for youtube or any other online video sharing format.
I don't think the "average" newer mini-DVD, hard drive, or memory stick camcorders are advanced enough (yet) to give you a real good resolution image when viewing a launch in slow-mo that is shot at higher shutter speeds. For shooting this way I think the older mini-DV (metallic tape) camcorders are still the best all around bet for shooting a fast moving/rotating object at higher shutter speeds (plus you can find them under $200).
And shooting the launch at normal (slower) shutter speeds is really a waste of time because small amount of tire shake/spin/slip are going to just look like a momentary blur. But at higher shutter speeds (to a point) you can clearly see what exactly the slick is doing.
I haven't been coming on here much anymore as my BBF projects are all "done", but holy cow, is there any moderators left? I'm trying to help out by reporting spammers as I come back, but wow, there's a TON of them, and it seems like some that I report go unnoticed for days or weeks.