I bought this is a backup to a more expensive (SD admitted) camcorder. It was one of two choices this or the Panasonic SDR SW-21. They are similar in spec I.E. Waterproof to 2+ metres but for me the Sanyo scored on having a better Optical Zoom 30x opposed to 10x, the HD recording (thats 720 not full HD) and biggest plus of all a 3 hour battery life! both are around the £300.00 mark so there were no other big money factors.
First off it's not as feature rich as a lot of other camcorders, such as my old Panasonic NV-DS25. But they're not waterproof and wait a moment how many times have I actually used them? Not many to be honest, the main thing I miss on this Camera is a remote to playback video, but again I don't use this much on my "posh" camera.
So this is a simple camcorder that "does what it says on the tin" it takes video in conditions that I'd never use a conventional camera in, also it's so small it fits my pocket easily all of a sudden bright yellow seems a good choice. Playback is at least as good as I'm used to, in fact slightly better using HD and the real plus is that with a 16GB SD Card and full charge I know i can live with it for a full day and I can confirm it is waterproof, I filmed my fish in my pond on day 1 probably about 1m down. There have been comments on some reviews I've seen that the MP4 files are incompatible with editing software, it doesnt work with Studio 9 but this doesn't support HD so I upgraded to Studio 12 (Ultimate) no problems with seeing video there.
The downsides are minor, the viewfinder is only via the screen, there is no separate eyepiece for filming on those bright sunny days, also no RC for playback. Some have commented on the quality of playback on the view screen but what counts is playback on my TV and this seems fine. Also on day 1 I got it properly wet, on day 2 there was still some moisture around the battery door when I opened it and this seems to have resulted in some condensation inside the lens. This was cured by simply leaving the camera with all hatches open to dry on a table. So all I would do here is add to Sanyo's advice, wash it off with clean water and put it somewhere to dry all doors open, or stick it in a bag with some silica gel packs.
You can use it as a still camera but to be honest I found this anoying, it takes a second or so to process the shot and then it's only 2Mb, but to be fair it will do this while videoing and not stop. As an owner of an 8Mb SLR I don't find this usefull, but then I didn't buy the camera for this feature.
Overall for the money it's a good go anywhere camcorder, it won't get a space in my camera bag, but thats because it'll be in my pocket!