Best semi-pro camcorder? Closest there is.

The successor to the outgoing XM1/GL1 adds manual audio record levels to the spec sheet and a beefed up still camera.
Canon pretty much got it right with the XM1/GL1 so there is little to fault on this machine.
The optics are the best in it's class (20x optical zoom, vs 12x on the comparible Sony and 10x on the Panasonic)and the lens itself, any users of high end canon SLRs will rightly be in awe of the L series lenses, low abberation flourite lenses are used combined with Canon's renowned optical image stabilisation system.
In use the LCD screen is small, but crisp and adequate and the viewfinder is acceptable. Black and white viewfinders should really be supplied on all camcorders for people who like to control exposure/contrast manually (ie. the pro's at whom this camera is clearly aimed at), also in prolonged use a black and white viewfinder is easier on the eye.
The mic is far enough away from the lens motor so as not to cause a problem and seems well enough isolated from the handle so as not to pick up undue motor noise. The mic level controls both the on-board level and that of any external mic or break out box (for XLR type mics) that pro's would almost certainly want to use with the camera.
Talking about the handle, it also has a top mounted zoom rocker and record button, ideal for low angle shots, making the camera a joy to use in almost every shooting circumstance. As a bonus this can be switched on or off so as not to be knocked accidentally.
One excellent feature on the XM2 is the 25fps progressive scan feature (for UK PAL format), this allows you to record Digital video along the same way as film is recorded (by the frame rather than interpolated)giving a warmer more fluid feel to your footage.
The comparable panasonic (MX500)only allows progressive capture in stills mode and the sony competitors(TRV950/Vx2k) only allow it at up to 15fps.
The only real downside to the camera is is size, sony have got it right with the TRV 950, Panasonic tend to make their cameras on the small side (requiring that most manual functions are controlled through a single dial - not very user friendly from a pro's point of view) but the XM2/GL2 is pretty much the size and bulk of the bigger sony and XL1s, not particularly compact.
Where a TRV 950 or Panasonic MX500 could pass for a domestic level camcorder based on the exterior (has it's pros and cons -does not attract undue attention, but then you might find that you are not taken as seriously) the Canon looks like a pro piece of kit.
Like Canon SLR's compared to Nikon's, it does feel plasticy and lightweight next to it's big brother and the sony vx2k. You want the money to be spent on the business end of the camera (the optics) and on the XM2/GL2 it certainly has been, but you also want a camera that feels as though you've spent two grand on it.
Though it feel's plenty solid it just doesn't feel classy to use (the finish of the comparable sony and pansonics is of a far higher standard).
Canon have put an interval record feature on the camera so you can programme in a timpelapse recording (for effect, to speed up in post -crowds gathering, sunrises sunsets etc) but annoyingly have set the minimum capture time at 0.5s (12/15 frames PAL/NTSC)where the Sony TRV950 has a single frame capture mode which is more suited to stop frame animation.
You can capture reasonably high res stills (2MP) on the stills card and then transfer them to tape for capture but this would be rather time-consuming and would require the purchase of an extra memory card over the pathetically low capacity one which comes supplied.
Nice big manual focus ring around the lens barrel, but as with the XM2 (And the Sony's 950 VX2k) no end stops (creative focus pulling would have been made easier if it was possible to mark points on the lens corresponding with the focus mark.
Canon claim that the camera can output at 540 lines horizontal resolution (in DVCPRO territory) but the low end compression in the DV system (8:1) means that the although the footage is crisper the difference over that from a VX2k isn't overwhelming.
Minor niggles aside this is optically the best camera in it's class. A manual zoom ring would make it even better, a magnesium casing would make it complete.

ONE BUG BEAR:

The camera automatically resets to AF & AWB every time to switch it off, a bit of a pain to reset,even when switching between player and cam modes.

You wouldn't buy a camera this adroit and use AF.

See 'groups.yahoo.group.canonxm2'for more discussion onthis camera.