Itunes would probably not be the best thing to export to, perhaps some editing software would be in order, final cut or adobe premiere if you wanna do serious editing, if not then the camera probably came with some editing software so make sure that is installed.
I t is unlikely your camera will match up to blu-ray because Hollywood movies are often shot on film with a much higher resolution than 1080p. Hollywood cameras are also likely to be way more expensive than commercial camcorders.
However I am sure you will enjoy the finished product you get through some good editing software, if not and you are still frustrated, feel free to send it my way, i am desperate for an HD cam.
Good Luck