This camera is spectacular value, but not a miracle worker. That is to say, the low-light performance is good for a camera with 1/3" sensors, but it not going to match a camcorder with larger sensors, and you will have to use gain if your location is dimly lit. The footage is full HD, but the highest bitrate is 21-24Mb/s (Just under 3MB/s). The fixed lens will cover most things you want to do, but it is a fixed lens.
The small form factor of course has it's pros and cons, I personally would keep this camera on the tripod as much as possible, despite the fairly effective optical image stabilisation. But they do seem to find space for a fairly ergonomic layout - the playback controls are out of the way on the top, leaving the ones you'll actually use during operation within reach, though I found the three user buttons offered mainly useless, bar some clip tagging features that I'm sure will be useful to documentary makers who record days of footage.
This camera brings most of the advantages of solid state media like p2 and SxS with the low media cost of SD. Of course, you have to take extra care that your card's not a dud. There's no HD-SDI but perhaps if this is your budget you might prefer a cheap HDMI monitor. Certainly plugging directly into any newish TV and showing rushes instantly will prove useful in many situations.
This camera offers a lot of the same flexibility in adjusting image processing as Panasonic's high-end camcorders, in fact you can share the scene files with them. However, though this camera is a big step forward for budget film-makers, and by understanding and working to it's limitations you can get some great images, it is not really up to current broadcast standards, you'll need to pay more for that. Ultimately this is a camera more exciting for it's price and features than than the images it ultimately produces.
But I can't really fault it at this price. And the simple workflow will save you in the long run too. I only miss interval recording (time lapse), for some reason omitted. Two SD slots would not have been very expensive and could have allowed hot-swapping as seen on p2 cameras. I find the focus ring a little woolly sometimes. I need to stop complaining, this is a blessing at it's pricepoint.