While I shoot nearly everything in 720 @ 60 FPS, you've got to weigh a lot of different factors when choosing what settings to use when filming. I'm a HUGE cheapskate, so I'm not gonna buy a newer camera, and I use a GoPro Hero HD (the original), so I've don't have as many options as those who have a newer camera, but the same basic principles apply.
Shooting at higher vid quality means more battery drain and more space taken up on memory cards/ hard drive. Considering the fact that I get about 1 min per hour of useable footage, this is a major factor for me. Next is the FPS...Shooting at 30 FPS allows more light into the shutter giving better results in low light conditions, which isn't a big deal for those in California, Hawaii, Arizona, or anywhere with lots of sunlight and very few shadows. Those of us who film in areas with lots of shadows/ low light may end up with very dark or unusable footage is we are shooting in 60 fps and low light. This is something that I've had to learn the hard way.
I typically render everything at 720P and 30 FPS for youtube anyway, so there's no real reason not to shoot that way to decrease the raw footage editing in the end. That being said, as I stated earlier, I typically shoot in 720/ 60 so I can slow things down. If it's raining or low light, I shoot in 1080/30 so I can zoom if I need to.
I hope this helps, but I doubt that it will. If you want to see examples of my work, look at my youtube page (Mustache Assault Cycle). everide also shoots in 720/60 and he's got a TON of followers. If it works for him, there's no reason why you can't get youtube famous doing the same.