OK, this requires the £50 cashback from canon, and the VAT voucher from amazon, bringing the price down from £450.33 on the amazon website.
Best HD camcorder for the money. There is a newer model, which is identical except for being able to record at a higher bitrate. Most reviews don't notice an improvement with the higher bitrate, which will take up more memory of course.
With SDHC cards so cheap from amazon and play.com, this is great. You will need a decent 1080P TV to see the benefits.
Canon cashback terms... http://www.canon.co.uk/Images/Video%20t%26Cs%20only_tcm14-575872.pdf