The 720p footage with action/motion on the HVX200 is fabulous.
Well shot and planned footage on the Z1U is also fabulous.
As Barry says, the issue for most people is acquisition media for the Pany.
I record on $16.00 tapes with the Sony. Not standard DV, but mastering tape the minimizes drop outs for HDV.
The Panasonic requires either 4 or 8 Gb P2 cards that are very expensive. Shooting DVCProHD on these tapes runs about 4 minutes per 4 Gbs. Or you can record directly to an external hard drive equipped to this – three possibilites are all about $2,000.00.
Or you can record live directly to FCP using laptop.
David S.