The Good points:
Very small and light
Great quality recording
Good sound (Dolby)
EXCELLENT Zoom on it (the optical is amazing 32x)
The Bad points...
Don't attempt to use it indoors or in poor light, its rubbish
There is no Night vision on it, so it can't be used in the dark
As i do a lot of Night time video-ing (that sounds dodgy), it was essential to have night vision.
It simply can not handle poor light, which includes being indoors with no lights on.
I received the item at 1pm, and it was back at the post office by 5pm the same day.
If you don't need it AT ALL for night time / poor light condition, then its great. I suggest testing these camera's in a shop before you buy it.
I have now got myself a Full refund, and have now purchased a Sony DCR-SR50e for £400 with a Free Case and Free delivery.