I've got to say that the SONY HDR-UX10 has some great features. It's $600 market price but you can buy it new for around $500 on amazon, and like-new for $434.
http://www.amazon.com/gp/offer-listing/B00123WDSQ/ref=dp_olp_used?ie=UTF8&qid=1238434732&sr=8-1&condition=used
BEST DEAL IS AT SAMS CLUB for $270 if you can find any left.
it's 1080i HD, beautiful display, 5.1 channels mic, and records directly to a DVD, if that's something you're into.
Also has a media card for stills and even video!
Cons: like any of those HD camera's its not so hot in low light situations and the battery is so-so when you use the LCD screen a lot (which I always do).
Other than that - best HD camera on the market right now for under 500, in my opinion
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You can pick up a Samsung HMX20c on ebay for around 500 on ebay(The MSRP is around 800 but I was able to get one for around 500 in December).

It records in full 1080, has 8 GB of on board memory and a flash card slot and it also lets you record in standard def at 300 frames per second. It's a really cool little camera.
Source(s):
http://www.samsung.com/us/consumer/detail/detail.do?group=camerascamcorders...

http://cgi.ebay.com/Samsung-SC-HMX20C-Full-HD1080-Camcorder_W0QQitemZ260382...

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If time is on your side, I would wait for the Sanyo VPC HD-2000. It is the only camcorder with true 1080P and 60FPS. It is a vertical camera with a pistol grip. Street price that I have seen is a bit over $599. However, if you like a horizontal camera, the Sanyo VPC-FH1 is the exact same camera as the HD-2000 and can be found for under $500.
Source(s):
http://www.sanyo.com/xacti/english/products/index.html

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