Parrot has updated its popular AR Drone, adding a 720p camera to the high-flying gadget. The camera on the device displays video at a 1280x720 resolution on your smartphone or tablet while you fly, and flight video can be recorded and saved onto your mobile device to watch later on.

In addition to the camera, the Drone also now has a new AR.FreeFlight 2.0 application which offers a new flight interface and flight options. These include:

FreeFlight: Provides access to the piloting application. The pilot can record flights, take HD videos or photos and save them in the piloting device. All the flight data (altitude, speed, duration and place) can be saved, checked by the pilot and shared with the community.

Guest Space: An overview of the AR.Drone 2.0, the best flight videos and practical information.

Drone Update: Provides access to the AR.Drone 2.0's free software updates.

AR.Drone Academy: Allows users to get geolocation data of the best flight zones, watch other pilots' videos and access their shared flight data.

AR.Games: Applications/games available for the AR.Drone.

Photos/Videos: Lets users directly access their own videos and photos, and watch or upload to YouTube.

The Drone 2.0 also includes a new pressure sensor for improved stability while you fly, and light-emitting diodes (green in front, red in rear) positioned on the landing gear, to help you track the orientation of the Drone while landing.

The AR.Drone 2.0 will be available in the second quarter of 2012 for US$299.99.