Chromatic Aberration Correction. In very very very basic terms with a little conjecture thrown in, CA comes from elements in the lens, they way they handle light and different wavelengths(colors) of light, the way that light gets passed from element to element inside the lens, and the way all of that light and color gets focused on the focal plane (or chip). The HVX500 has a pretty sweet system which the lens electronically tells the camera how it’s screwed and then corrects the screwiness with the pickup chip. This makes the lens CAC capable as it’s telling the HVX500 how to Correct the Chromatic Abberation. I am sure you can find all kinds of stuff on the web about this. If you like to know how stuff works, it will be interesting to you.
If you can swing the price, Fujinon makes some quality glass.
Jeremy