After much messing about (amazon lost the first one, so I ended up buying from a local supplier) I have got my hands on a
Panasonic HDC-SD1. I know the SD5 is "Full HD" but I was able to get a much better deal on the SD1 and it has some nice features missing in the newer model.
Only had it a few hours but initial impressions are good, it's a keeper!
iMovie '08 is brilliant! I have done editing a a few different packages (Final Cut HD, Premiere & others) but this really fits the bill for what I want to do now. I was worried about AVCHD dragging my machine to a stand still, but it copes just fine, rendering previews on the fly fullscreen etc...
I am yet to try it in any real conditions, but so far I think the format is a winner for home users wanting to make quick movies.
Cheers
Cris.