Ok, I bought one of these cameras. The first couple of outings when I tried recording with it, things didn't work out. The first time I forgot to set the mic gain and it clipped like all hell. Setting the mic level is down in the menus and not very convenient. So is the actual full sound-only controls. There is a quick voice memo button but it is not the same thing.
The second time the bass, drums & guitar came out fine but every once in a while the vocals did something weird. Is sounded kind of like a blown speaker but just on the vocals. I haven't had time to go back and listen to the regular recordings I made of that show to compare it to the camera recording to see if maybe it was a PA problem I didn't notice at the time.
Anyhow, based on a short sampling of a more recent show, things came out much better the third time around. NO, this camera will NOT replace good gear. I didn't think it would. But, it looks like you can get a listen-able recording for those times when you can't openly record. One annoyance though is that there is a red LED on the back that flashes the whole time you are recording. I may have to tape over that thing.
Also as noted before by another person, the damn lens cap will not stay on. There's a reason, its designed to fall off if you turn on the camera and the lens extends while forgetting to take the cap off. But its still a crappy design. The solution there seems to be to go on eBay and by one of the filter kits with the extension tube. My old Fuji came with a similar tube and it gives you something to hold while shooting. Very handy.
I'll post a link to a sample next week sometime.