I've got one. I bought it used from the yardsale for $150. The only camcorder we ever had was one of the full sized VHS ones from 1990, and didn't feel like spending $600 for a half decent modern camcorder which would probably get dropped and broken, so I got this for the girls to play with. Personally I'm not into concert video, it's only for kid's birthday parties and stuff like that. If you set your expectations appropriately, it's not too bad.
The video quality is a fixed 640x480, and is probably on par with video mode on a cell phone or cheap digital camera. It is squarely targeted at the YouTube market. It has a zoom of about 2x. The audio is much better than you would get with a phone or camera, which will typically be brickwalled loud concert. The low-light video capabilities are grainy.
The audio settings are 3.... high, low, and AGC. It has good VU meters (probably on par with my R09), so you will know if you are clipping, but no adjustment other than Hi/low. High is good for kids birthdays and acoustic shows. Low is good for loud music... I used it to record Primus at Vibes and was hitting -12 to -6 I think, which is perfect. I think it would have to be really, really loud to overload.
So... my daughter and wife think it's great for parties, dance recitals, and horse lessons. I'm not into video, but I can maybe see myself using it to record audio at a side stage of a festival.
It comes with some really basic software. You can trim off the front and back of a video, but no enhancement or tweaking. I think I ended up using DVDFlick to burn a DVD for the living room.