I shoot jpeg for time lapse (raw takes up loads of space and is unnecessary IMO unless you have some special requirement) but having manual control is a big plus with the DSLR which you can't do with the GoPro. Also you have much more control over focal length.
GoPro 3 all the way for me, partnered with the phone app its tippity top IMO, leave it out in all weather as standard I don't think the quality can be beaten value for money wise.
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