Summary: In theory this camcorder seems like a dream come true. Unfortunately in practice, it has one major fatal flaw - it overheats often and automatically shuts off. If you're intending to use this camcorder to record your child's hour-long recital or some other lengthy and continuous event, chances are it won't work.
Summary: Let me preface this by saying I am not a Professional. I do however take pride in my work as a hobbyist. I have had several cameras, and my specialty is dSLR's and still photography. I was looking for a decent camera to shoot sports and this is it: 1080p at 60fps is perfect. Yes the image quality is very good as good as if not better than anything I have seen under 1000. Low-light is very good, although it has some trouble focusing while zooming in low-light.
Summary: As others have pointed out, the Sanyo VPC-FH1 (and VPC-HD2000) will lose about 10 seconds of video every 22 minutes (or so) when the file size hits the 4Gb limit for the FAT filesystem. At this point, the camera opens a new file and loses about 10 seconds of video in the process. Other camcorders (Canon, Sony, etc.) don't seem to exhibit this issue. One way manufacturers work around the issue is to buffer the video input during the switch over so that no frames are lost.