Thank Fleamac. What I should have asked was; do you stop the video before the 5 minutes, which assumedly saves a "file", then restart another video to form the next "file"
I just took mine out for a first flight on two batteries. After packing it up and getting it home, I pulled the card, dropped all seven video files on my desktop. I have a dual boot Mac, so I opened my SONY Vegas Pro video editor (Win 7,) dropped them all back to back in the timeline. They all look fine.
The point where they split at five minutes picks up perfectly at the next five minute block. So, if you are hoping to post your flights online, you will be able to seamlessly render them and see no "slice" evidence. They match perfectly.
The reason, I'm guessing, is that the camera has an internal storage of five minutes, then when it finishes the five minute block, it transfers the file to the card. Much like my NIKON P510 handheld records all video and frame rates to 28 minute lengths because it's internal storage is no bigger, even though I use an Eye-Fi card, SIM equipped which allows it to transfer to my Mac and the Cloud wirelessly. The camera has a temporary storage limit and I think the CGO3 copter camera has a limit as well.
I hope this helps.