Hot Wheels Video Racer has a VGA camera under its hood, confirms that kids have it all

Damn kids these days and their cool tech toys! We know we sound cranky, jealous, and old, but how are we supposed to react to Mattel's new Hot Wheels Video Racer? Yep, just as the headline reveals, everybody's favorite matchbox car is now home to a VGA video camera that can capture 30 to 60 frames per second and a .95-inch LCD that allows you to play back that recorded footage right on the belly of the tiny vehicle. While a short clip of the Video Racer flying off a self-made jump may be pretty awesome, Mattel will also include protective cases so those wild and crazy kids can mount the cam to a skateboard or helmet. Disappointingly, the small car only houses 512MB of storage, which can only hold 12 minutes of video, but at $60, Mattel also includes a rubberized mini USB to USB cord for connecting the cam to a Mac or PC and child-friendly editing software. The Video Racer won't actually peel out until the fall, but we managed to take a few shots of the little thing this week and nab some video of it while at CES. Hit the break for that video and start saving that allowance!

Sam Sheffer contributed to this very serious report.