Kirk Mastin, a professional photographer, had a great idea on how to compare the quality of a cheap Flip Video camcorder with that of my beloved Canon XH A1, which costs about 20 times as much. He literally taped a Flip onto the side of an A1 and then shot a documentary with both of them simultaneously.
The results are fascinating. They are best viewed in the original Blip.tv form because they get cropped on Kirk's blog.
The Flip version looks not bad at all, even though it was cropped to get a 16:9 aspect ratio. Just shows that technique wins over equipment.