I have heard great things about the Chesty GoPro camera chest mount, however, since I typically where a Camelbak when I ride, I figured it would be a good idea to make my own chest mount that works with/mounts to the Camelbak.
I also saved money.
Very easy and inexpensive and customizable to whatever backpack you use.
Video of the finished product in use can be found here:
Step 1: Materials
3/4" wide Velcro
Small machine screws, washers and nuts
1/4"-20 short machine screw
GoPro tripod mount