Not having 5.1 originally put me off getting the HF100, but having actually bought one, I've no regrets 'cos just the stereo separation is so negligible that I can't believe separating 5 discrete channels would be any more effective.
IMHO my surround system sounds pretty damn good on decent sources (e.g. BluRay's, DVDs), but the stereo from my HF100 lacks width. It's not at all bad and the sound is tonally quite rich, it just lacks spatial extent.
The fundamental problem is that the mics are so close together that they basically hear the same thing. Only a proper, larger directional mic has any chance of giving you a decent effect. It's a physics issue: the wavelength of speech, for example, is tens of centimetres. "Middle C" is over one metre. To reliably detect the phase difference due to direction, you need a separation which is a significant fraction of the wavelength. That's why the ".1" in 5.1 (a subwoofer) works at all: you can't tell which direction low frequencies come from, because your ears are too close together.
Of course, I haven't heard a 5.1 camcorder recording, so I could be wrong.