We had posted this overview of the new RODE VideoMic Pro a few months back but had to pull it because RODE found an issue with the electronics a couple of days after release and recalled it. (Full disclosure: RODE sent me the mike for evaluation. They do not pay me and I retain the right to express my opinion.)
They've got the issue resolved and it is now available online.
Overall, I really like having this in my kit. I'm not a huge fan of using a shotgun mike mounted on top of my camera or rig but there are a few cases where it makes sense. Filming my daughter's marching band in the summer parade this year was one case where it made sense and worked well.
But I also find that this mic works great boomed just above your talent using the RODE VC1 extension cable. In fact, this is how my friend Dave Dugdale shoots 85% of his videos for YouTube (with the older version of the mike). I also like the sound of the new mike. Rich low end when you've got it boomed in close (less than 90cm) . Very neutral when farther away.
If you're wondering whether to get the older version of the mic or spend the extra $40 for the new version, I'd go with the new. You'll have a lot fewer issues with the lyre suspension system in terms of isolating the mike from handling noise and you won't lose and have to repair those pesky rubber bands.
Battery life seems really good as well. I'm still on the original 9v battery and have probably clocked about 8 - 10 hours of use.