Was looking at getting one of these but the photo quality doesn't seem to be what I'm after. My research is your gain.
Mobileciti @ $634.79 : https://www.ebay.com.au/itm/374265831700
Codes: SAVB8 and MCSAVE60
If it goes out of stock, also available at for slightly more $647.10 on Wireless1 ebay store, also uses 2 codes.
Wireless1 @ $647.10 : https://www.ebay.com.au/itm/285265634240
Codes: W1SSAVE5 and YIPPEE10
I've been on the fence about buying one of these for weeks, but I think I've come to the same conclusion as you - video quality not good enough when cropped to a flat image/normal aspect ratio. Some YouTubers are able to get okay-ish looking footage, but that is after a lot of messing around with exporting to huge sized ProRes files and colour grading. And that's in perfect sunny conditions - it gets much worse in more difficult / low-light conditions. Also need to be extra careful not to scratch the lenses, as even though lens protectors are an option they will impact the already questionable video quality. For the most part it looks like old camcorder footage to me and I don't like the look of it now, and it certainly won't age well either.
In comparison, the Go Pro Hero 11 footage looks really great - but they seem to have a lot of reliability issues, such as over-heating quickly and clunky user experience leading to missed footage, so I am gonna pass on Go Pro too.
Then I looked into DJI Osmo Action 3 which seemed to do everything right that Go Pro Hero 11 was doing wrong in terms of reliability and user experience, except that the video quality isn't as good. I'd want the Go Pro Hero 11 quality at a minimum.
To me, the main upside to the 360 cameras like Insta X3 is the ability to not think about what you're shooting so you can focus on enjoying the moment, then pull out some nice shots later. The Insta360 ONE RS 1-Inch 360 camera improves on quality over the X3 to a more acceptable level, but it is double the price ($1,200) and less portable/compact/simple. Hopefully the buzz and competition in this field will result in some good improvements over the next year or so, to the point where we can get a camera like the X3 but higher video quality. Supposedly an Insta X4 will release at the end of this year.
I was just wanting something for taking nice videos while travelling, not for extreme sports. I will stick to iPhone 13 Pro for now and make my life a lot easier.