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Camcorder or canon eos 500 with video taking ability
Completely depends on what your going to be primarily using it for but here's my take...Having owned a camcorder I can honestly say the novelty wears out really quick unless you're super into film making. I would for sure go with the Canon EOS 500. I never get tired of taking pictures and if you do want to shoot an uncomplicated video every now and again you can.