If $400 is your price point AND you want to be able to do quality editing....then DVD camcorders are out (too much compression) as are HD and Hard Drive cams.
I'd suggest getting a quality Sony (DCRHC62) or Canon(ZR950) in MiniDV (the Sony has a better lens on spec) and make sure you have a solid RAID array on you computer (either RAID-5, even better RAID-10 or a RAID-0 scratch drive)




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