So I'm thinking of buying a camcorder. It seems like everyone has one and is posting videos on YouTube and seems like it might be fun to make videos of events.

What kind of camcorder do people have, and what are their recommendations? Is it worth getting a 1080p HD model or is 720p OK?

720p models can be had for $350-499, but 1080p models are $600-1000+.

Right now I'm leaning towards the Sanyo VPC-FH1, which is a relatively low-priced 1080p HD camera (lists for $629Can at Best Buy and seems to be a cheaper than Canon, Panasonic, Sony).

Any tips? Also, any tips on video editing software?