Well to be clear, they don't actually sell the memory of the wave or ski trip. Rather, they sell you on the promise that having a GoPro will change your lifestyle, to match all the experiences reflected by their guerrilla advertising, and that you will be infused with similar utopian memories.
The basic marketing concept is to appeal to the users emotions. The GoPro video quality is not that good, but that's not the point.
There are lots of other examples out there, like Jeep Wrangler Unlimiteds. Most people don't buy them for their actual capabilities, but for the image they portray. And this is not just the image that is portrayed to others, but more importantly, what the driver thinks about himself/herself.
As another camera-related example, I think Panasonic is being very aggressive with their guerrilla marketing. Their brand ambassadors (i.e., shills) even call themselves "Lumix Luminaries", implying that they know something you don't. Sure, Panasonic offers good video quality, but owning a Panasonic does not make you a visionary, any more than owning a 1DX or D4s makes you a more professional photographer.
Last edited by Tanzer; 06-27-2014 at 02:42 PM.