There are definitely "better" options available. I quoted better because it's an opinion of course...though it's an opinion shared by many🙂
I've been a long time Canon fan, but the XH is getting a bit long in the tooth. In fact, all tape based HD recording is on it's way out the door. Tapeless is the way to go...the Panasonics offer a couple of great choices...check out the HMC-150 as mentioned or the HMC-40...or an HVX200 from the used market...they're going for a song right now. The HPX170 or HVX200a are the newer ($5k) models...the EX-1 as mentioned earlier has been updated, you might be able to find a deal on a used original. All of these options are tapeless. JVC also has a new 1/4" camera on the market at around 3k. Then there are the V-DSLR's...Canon 5d2/7d/1d4...Nikon D300s, D90, Panasonic GH1 are the front runners as of now.
Again, as also mentioned...the Canon is a decent camera, albeit a bit on the dated side...not so much the hardware of the camera but your software choices to record to. Tape is just too time consuming these days, IMHO!
J