It's the beginning of a whole line of large sensor video cameras, but it's not a competitor to the 7D or 5D yet, unless they fixed the moire issues that the Canon's have... and even then, here's some downfall's: The 3" screen, tilting or not, is almost useless except for composition, because you need a larger screen and/or extreme magnification like the 7D to focus. I have that same LCD on my Sony Z7U, and it's very difficult to focus without a monitor. The AVCHD format is limited to 24mbps, about the same as HDV, whereas the Canon produces twice that much at almost 50mbps. The minimum fstop on the included lens is 3.5 wide open up to f6.3. That's nowhere near as fast as Canon primes, and for those looking for low light and narrow depth of field, it defeats the purpose. As for production sound, the audio is not much better than the Canon's, because you only have a stereo mini input, not balanced XLR's. For professional audio, you still need double system sound. However, I am excited about the world of large sensor video cameras. My only comment is, what have they been waiting for?..... it's all about marketing of course, and we are the guinea pigs!
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