Just to clarify a couple of points that have been talked around but not speficied clearly:
The analog video output of ANY Gopro will work fine...but has to be transmitted back independently on a 5.8GHz Tx/Rx set. BUT....the Phanton is very weight sensitive and limited so the advantages of the LIGHTER GoPro3 over the earlier versions are significant. Also, most gimbals are designed/balanced for the GP3 and some won't take a GP2 AT ALL without major modification...which is NOT worth it considering the extra weight of the GP2. The GP3"+" itself, without the protective case, is NOT lighter that the GP3, more expensive, and of questionable advantage.
You cannot use the built-in wifi of the GP3 for either camera control OR transmission back as it interferes (same frequency) with the PH V1 TX/RX set.
The kit is fine, but you can beat the $300 price by half or more by buying the components individually. The list is useful.
My advice, go slow and play with each step until you start chafing at the limitations. You can strap ANY GoPro to a new Ph V1 right out of the box and get exciting video....after awhile you notice "jello" and all the bothersome jiggling. Then it is time for a stabilization gimbal...research and make an informed choice. After awhile you want controllable tilt....add that after some research. After awhile you realize your video will be SO much better of you can actually SEE, live, what is being recorded and fly the bird/camera platform accordingly. THEN it is time for FPV. Do your research and choose according to what you are going to be doing with your bird.
Make each choice keeping the WEIGHT of each additional component foremost in mind. By the time you get gimbal/camera/FPV TX on you will have lost MINIMUM of 3 minutes flight time due to weight...worse of you have not upgraded to 9" higrade props or tri-blades.
When you start chafing about the limitations of the GoPro system, short flying times, want more range and longer flights...meaning better control TX/RX pairings AND better/stronger/heavier FPV TX/Rx pairings....it is time to buy a BIGGER BIRD!