Well yes it will obviously be the Z1 (or later model) when I
do upgrade

. Being able to choose to film in either NTSC or PAL does look like a great feature!
At the moment the editing software for HD is still in the early stages, and not that stable. Therefore the recommendation with the new HD cams is to just use them as higher quality SD camcorders, either recording in HD and downconverting to SD during capture or just recording as SD. Also there is currently no method of recording HD, you can only play back from cam on a HD screen.
Then there are the 2 different HD formats - Sony 720p & JVC 1080i - it's just like the HD DVD format war all over again
Mark.