Doug, Rogello,
The Flytrex data logger I have tested (1.0 version) collected the following information:
Date/Time, Lat, Long, altitude, rate of ascent, speed, distance flown, flight time, # satellites, battery voltage.
That said, It looks like the latest version (2.0) adds temperature as well as information to allow the pilot to track flights, record data to a mission manager, complete challenges and build a flight profile. This may prove to be useful for recreational use, but also as a backup for on-board sensors as well.
What does this mean for collecting video to use in ArcGIS? First, users could use this solution together with any camera system regardless of whether or not the platform has GPS capability. Second, the data logger information could be merged with video from any camera system (i.e. Go-Pro) to create a video with spatial and temporal metadata that can then be mapped. Here's a link to a sample. VKAT Example