I got my hands on one. It's HD only -- which means you either deliver the product in HD or have to down-convert to SD.
It's NOT well balanced for handheld shooting. The design means you have to hold the entire 6 pound + camera straight in front of you. You're going to get tired and you'll soon start getting camera shake. Monopods or shoulder braces will help, for sure. This is a heavy camera -- much heavier than the Z1. That's both good and bad. There's no putting it on your shoulder. The review listed below talks about how well balanced it is -- on a Sachtler tripod. These are three CMOS 1/2" sensors and being that size, the glass has to "grow" to go with it.
Wait and see, there will be all kinds of camera steadying products to go with this one.
The technology is fantastic. Imagine shooting 90 minutes and going straight to edit, no fire wire video import. You've saved an hour an a half right there. 32GB cards (it will hold 2) are on their way.
Here's a good write up on the Digital Journalist:
http://digitaljournalist.org/issue0711/camera-corner-the-sony-xd-cam-tapeless-camcorder.html