I have one of the HD GoRpo and they are great Point of View Cameras. I have a few others also, but the GoPor is one of the best.
Personnaly I like Sony Vegas Pro for edit such, but allot depends on how creative I want to be. For general YouTube and shorts Window Movie Maker will do just fine as will Adobe Premier, Pinnacles and similar. Many good programs can be gotten for under $100 or even free.
If you find yourself doing allot of vids and want to get deeper in depth with edits, then recommendation is to get a good middle of the road program, learn to use it and the basic non-liner editing first.
There is some good suggestion for mounting and the nice thing about GoPro is that they sell many different mounts and kits that will allow you to put it almost anywhere. From personal experience the helment is always good due to the head acts as a natural gyro-stabilizer. Other spots will have to be tried to see how they come out ( you will be surprised of how the vibaration on a motorcycle will effect the camera in some spots).
One thing I do not care for on the Go Pro is that it has a internal mic with no options to use an external, so sometime the wind noise will make the audible carp. Experiment and you will find what works best.
On the editing, just be preapred to spend lots of time doing edits and then wating for the rendering and final package. Also recomment to get a second battery.
Have fun and look forward to some nice ride vids.