The flip camera is fun, fits in your pocket, push one button and you go.
No fuss , no muss. No point to try to compare it with more expensive cameras.
The thing you need to know is that it output to AVI and you'll have to convert it to DV before you can edit in FC. Also , on a mac, you may want to download the Xvi component for QT or you may not be able to view your video with quick time. The quality is what you would expect of a $150 camera.
Eric