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Today I made a short clip with Final Cut Pro 5. The quality is amazing. There are two files 1280*720 6800 kbit/sec HD (You need min 2 Ghz G5 to watch) and 850*478 1600 kbit/sec version.
Camera: Sony HDR FX1 HD cam
Hardware: Dual 2.5 G5 4 gig ram Geforce 6800
Software: Final Cut Pro 5
Cut time: about 1 hour
Rendering time: 45 Min
i was looking at the detail more than the color, and it looked really good. i'm amazed at the quality H.264 can get out of a third of the bandwidth of broadcast MPEG2 HD.