First off let me start by saying that I know a GoPro is not the ideal camera for photogrammetry and I wouldn't consider using it in future. I bought mine for cycling/hiking videos and I've taken a few image sets to try out in 123D Catch before getting Photoscan. As part of getting familiar with PS I've been seeing how good a model I could get using a GoPro and the standard version of PS. It's taught me a lot and I thought I'd share my findings.
1. Lower your expectations

2. Forget "wide". The "normal" fov may only result in a 7mp image, effectively being just a crop of the 12mp wide image, but it avoids getting a lot of distant stuff in your sparse point cloud which you end up cropping out, reducing the number of points for the next steps in the workflow.
3. You need a lot more images and need to photograph a lot closer than you might think. I shot these sets on timelapse at 0.5secs per frame
4. Mask the sky. I set up a photoshop action to mask out most of the sky before starting. I try and shoot on lightly overcast days so the sky is usually white.
- Add a white border to the image
- Magic wand select the top left corner with a tolerance of about 20
- Invert the selection
- Create an alpha channel from the selection
- Remove the white border
- Save as TIFF
This provides a reasonably good starting point for creating masks. Adding the white border lets the selection grow around trees/other objects that extend to the edge of the frame. Might look at using Imagemagick for that as it might be quicker (and simpler)
5. Create a sparse point cloud with at least 500,000 points
Remove "bad" points using gradual selection: Reprojection error 0.5, Reconstruction uncertainty 50 ( I know I've been exploring other values for these settings, but these seem to be consistent for my GoPro image sets)
From there, do everything at as high quality settings as you can cope with, export and clean up the mesh.
Attached a screengrab of the latest test. 360 images (shot as 12mp, wide) around the sculpture in the middle (I didn't chose that number, just a coincidence after removing under-exposed frames) This is the actual location:
http://www.360cities.net/image/sheep-shape-behind-the-arts-centre-melbourne-victoria/#288.71,1.34,63.1Sheep sculpture:
http://studio.verold.com/projects/5394f586372e88020000043d (easier to see the mesh quality without texture)
Tree trunk (~180 images)
http://studio.verold.com/projects/5392aa11eef3b50200000077