This is better than the five dollar stand alone tripod mount. Why? Because it includes a quick release base, making it easier and quicker to mount/dismount the GoPro to/from your tripod, x-shot, monopod, or other non-GoPro support system. It's totally worth the extra five bucks, imho.
If you want a smaller, sleeker setup, you can always use the smaller tripod mount that attaches directly to the GoPro. But it's nice have the quick release option as well.
I usually keep the quick release base mounted on my XShot XSP2 Pocket Camera Extender, so it's as easy as snapping in my Hero3+ when I need it mounted.