Try filing at 170º Wide FOV 1080p for best results. The gopro doesn't handle the contrast of the all black interior and super light exterior very well (washing out the exterior more than if you had the camera further up (such as on your head) -- i made a video like that once. Pretty cool actually.
I read the instructions again and found out I should turn on spot metering. I tried it and it worked much better. I can now see blue sky instead of all white, so its definitely working well in spot metering.