which is the better compromise?
Since you asked for opinions, here are mine (based on my limited knowledge but long research).
Canon is very well known for poor low light performance across all their models (except maybe the models that cost a few thousand dollars). That's the one reason why I wouldn't go for Canon (although the lenses are supposed to be good). Low light for cameras and camcorders includes under the shade and indoors - the cameras and camcorders do not adjust like our eyes and "see well" in such conditions. And for me, low light performance is something I wouldn't want to compromise on.
In my personal search, I have narrowed down on Panasonic (150GS or 250GS) and Sony - not yet bought anything though.
Secondly, what is more important to you - better image clarity or better color reproduction? You have chosen two different kinds of camcorders - the Canon is a single chip camcorder and the Panasonic is a 3 chip camcorder (one for each of the RBG colors). Keep in mind that although the effective sensor resolution of the Canon is much higher than the Panasonic, this may not make any difference at all for video. And PLEASE DO NOT tell me you plan to use one of these camcorders for still photography too!!! They're not meant for that!
If you look at the minimum lux rating (the lower the better for low light shooting) and the aperture range (the higher the better), the Panasonic is better than the Canon. From a viewing perspective, I guess more people would appreciate video from a 3 chip camcorder (with crisper colors) than one with a good single chip camcorder.
So I personally feel, among these two models, the Panasonic is a better compromise. If Canon as a brand pulls you, look at something like the Canon GL2 - it will definitely please you (not sure about your pocket).
