It is a good to great camera. The video is slightly better than the Sony's in its range. It does not have audio line-in like the Sony HC7. It should not be used for extreme point of view footage (helmet cam - Sony's HC5 may be the best solution with its EIS - the HV10/20 OIS creates really bad video in high vibration environments).
At $750 from B&H, it is hard to beat. Note that most CMOS video cameras are not spectacular in low light. If you shoot a lot of dark locations, consider a hotshoe video light.
Fun note, there are indie filmers using the HV20 with a mini-35 (attachment to allow real lens to be used) as a production camera. It kicks butt and does 24p (but Canon did screw up the pull-down, so you need another tool to get the 24p signal into most editors.)