Personal opinion – go the HD route, even if you’re a hobbyist.
I picked up the AG-HMC40 this past February and love it. Super versatile; I use it everyday in my work (HD stock footage & VFX HD): AVCHD 1080p capture, Neo HD intermediate, and on thru to CS5 production suite for post work finishing. The footage from my AG-HMC40 hasn’t let me down yet.
Good luck!
FYI: B&H Photo has AG-HMC40 for $1920