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500 is going to be a bit low for an HD camera. Right now on amazon they're selling the HV30 for $688. This is an amazing deal. I bought my HV20 about 18 months ago, and it was 950 or so at the time.
To break it down to you. (Assuming you're new to video) If you want HD at consumer prices go for a tape based camera. It provides the best quality image for it's price range. Avoid sites with "amazing deals" Stick to BHphoto.com or amazon.com otherwise you'll end up being scammed by lying thieves.
He does have a good point. Shooting HD really complicates your workflow, especially if you start getting into different framerates as offered on the HV30. For a first camera, there's nothing wrong with buying an Standard Def camera. Don't forget, Just a few years ago, most of the TV shows we watched were shot in standard def, 4:3, 60i. I worked at a TV station last summer that was still entirely standard def.
Starting off with video, it's much more important that you learn how to use basic functions of a camera such as shutter speed, aperture, white balance, gain, ect. buying an hd camera will only add more dimensions to the process, and create a very complicated workflow.
but, if you're willing to spend the money on an HV30, it's definitely worth it. It will simply take some time for you to get the image results that you want.