I own an HV20 and have an HVX200 for a two week DP gig I'm doing for a short film. While doing some lighting setup tests with the HVX200, I decided to bust out the HV20 with a large LCD monitor for comparison, and to my surprise, the HV20 (with the exposure lock trick) is comparable if not sharper than the HVX200. The image rendered was nearly identical. I'm sure the compression would be an issue after the recording process (I didn't record from either camera in this comparison) but ... I liked what I saw on the LCD. The HVX200 is a nice camera for sure, but ... I was able to expose the scene properly a lot quicker with the HV20, and for the $600 I paid ... I think the value is insane. Just the fact that you can even COMPARE the two cameras is pretty ridiculous.
The depth of field really isn't THAT bad on either camera. Also, I know both cameras aren't especially known for their low-light performance, but for my purposes, I don't know why you would want to shoot a film without proper lighting anyway. Just my 2 cents on both cameras anyway.
Matt


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