Awesome Cheap HD Camcorder: Aiptek Action HD GVS
The video produced from this camera is quite awesome. We used it to create this video
I'm really impressed by how easy it is to take videos with this camera, the quality of the video recorded, and the size of the camera.
The flip out screen is very useful, especially when shooting video from an angle above or below where my head actually is. It works great for making self-videos. One drawback of it, is that the 5x zoom lens on top is quite bulky along with the features of the flip out makes it too big to easily fit in my pocket.
I've mostly used the 30FPS 720p mode because it allows for the anti-shake technology to work. If I were shooting something on a tripod I might go for one of the higher resolution/higher FPS modes.