There's a lot of talk around the net about how it's missing/has crippled features from its bigger brother the c300. But it can't be denied that you're getting the same sensor as the cameras costing many times this little guy, and the low light ability of it is arguably unrivaled.
When looking at the competitors, there's really nothing that's similar. You have the FS700 which is a nonstarter for me due to its ungainly form factor. DSLRs work great, but lack basic things that professional video cameras such as this have, namely XLRs, proper monitoring, and built in ND filters.
I do have my nitpicks, so i'll rattle them off:
-The LCD is in the wrong place, should be farther forward, and cannot turn to face forward.
-The EVF is not very good at all, but i'll take a mediocre EVF over no EVF at all. I use it frequently, and a large eyecup helps a lot.
-No true 1080 slow motion, the 60i isn't terrible by any means, but if you want good slow motion, it's just not quite there.
-The darn thing is just a half an inch too large in all directions to work with nearly any of the great photography cases out there.
-LCD screen reflective, not great in sunlight. Sony's lcds for the longest time have had amazingly visible lcds in sunlight, what's wrong canon?
I could go on, but it's really nitpicking. The plusses far outweigh the minuses:
-Unrivaled low light up to 20,000 ISO. And yes it's USABLE up to 20K, not that you should, but you can if really needed.
-Small formfactor, with all the expected video necessities. Can handhold it all day long no problem
-Practically zero artifacting. No Moire, no alaising, true 1080 sharpness.
-Battery life that makes RED shooters weep. Nothing against red, it's just Canon gave us a small, 4 hour battery.
-The AVCHD codec is NOT weak. It holds up great, the only exception being high motion scenes such as water or leaves in the wind.
-Uses any Canon or Nikon lens(with adapter)
again, i could go on, but it's just a lot to list out. If your in the market for a camera in this price range and this form factor, you'll be thrilled with using this little chap, i have zero regrets from nearly a year of use.
if i were to have one wish, it would be for canon to take a damn hint from sony and make a powered, constant aperture zoom lens.