Amazon (and now B&H) have Pana HDC-SD600K for $399.
It is basically the same as HDC-TM700 except there are no focus ring, no EVF, no external mic, DD 2.0 instead of 5.1. No internal 32GB storage, only external SD/SDHC cards.
Still the same optics and everything. You can get 1080p60 cam with 3MOScensors(R,G,B) for the ridiculous $399.
I got one for myself.