It seems to me that most of the reviews of this device miss the point. The HV40 produces great output but in tape format. Some see this as a disadvantage (sure, it takes a full hour to transfer a single tape to a PC) but, in my opinion, the advantages of tape greatly outweigh this:
1 - Sooner or later your camera will malfunction, be stolen or simply be dropped. With a tape machine, up to an hour of footage is at risk (not 20-30 as would be the case when using a 240Gb Hard disk monster. SD cards are still much more expensive than tape, so I don't think they offer a reasonable alternative);
2 - DV tapes (don't bother with HDV equivalents - they're unnecessary) are cheap and last for at least 10 years so, as your competence increases, you can re-edit old footage and produce still better output; and
3 - The load on the editing PC is dramatically less than when processing AVCHD output from Hard disk or SD machines. You may well avoid a PC-upgrade if you stick with tape.
I have just two negative comments:
1 - the HV40 seems very expensive when compared with the older HV30 (essentially the same device); and
2 - a Firewire port is needed for editing (becoming increasinly rare on modern laptops).
Otherwise, the HV40 is just great! Buy one while they are still available. I fear that, despite my enthusiasm, the HDV format for "prosumers" is doomed. It'll remain for the professions, though.