I bought this camera (TZ7 in Australia) and gave it a work out recording HD video at Sunset Sounds two day festival in Brisbane recently and the results look and sound really really good. Immeasurable improvement on my old Canon A710IS. No more distorted sound and the 12x zoom really works well.
I had the "Wind Cut" function (reduces wind noise in audio) turned on the whole time so not sure how much of a difference that made but certainly don't have any wind noises in my recordings.
For the size of this camera coupled with it's great zoom and ability to record HD, and having paid just $AUS 360 I think this an awesome tool for concert recordings. Admittedly I only have my old Canon to compare it to but yeah still think it's the best when you weigh it all up.
The downside is the battery life. I think I managed to record a smidgen over an hour before it died. That's from recording about 38 separate vids and turning on/off and zooming in/out etc.
I've ordered an additional generic battery from HK but it will take a couple of weeks to get here. Note that Panasonic introduced a security feature in firmware 1.2 which stops some generic batteries from working with the camera but apparently the manufacturers caught onto this and the latest generic batteries now work again.
The other downside is that now I have to buy a better PC so I can actually edit the HD videos ha! So sorry no footage as yet to back up my claims
But the vids look and sound good on the big screen TV. I'd recommend it to anyone looking for a new camera for this purpose.