This is potentially interesting: Improved HD Format for Camcorders (via Gizmodo).
Current consumer HD camcorders record in HDV, which uses MPEG-2 compression to fit HD-sized video onto a MiniDV tape. You still get the large format with more overall pixels, but there’s more compression applied, leading to degraded images (the quality varies widely depending on what you’re shooting).
Since HD video contains about four times the amount of picture data as standard definition video, AVCHD uses the MPEG4 AVC/H.264 compression system to fit the information onto a standard DVD disk. Current high definition camcorders on the market, like Sony’s HDR-HC3, record to Mini-DV tapes which have longer recording capacities but not the simplicity of DVD.
H.264 produces higher-quality video using better algorithms, which is a good thing. No cameras with this format exist yet, as far as I can tell, but it’s an intriguing development.