I've seen video shot with this cam and it looks very nice.
Like most things in life, before determining if it suits your needs, you need to ask is, "What are you going to use it for?"
If you want to do use it as part of a multi-cam DVD project, it won't work very well at all. It shoots mpeg2 video - so what you have on the harddrive is not raw video that easy to work with in an NLE (non-linear editor - like Vegas Video) - it already encoded.
So if you only need single cam footage that won't require any significant editing - it'll work out great.