This is a short test of a sunrise. I've not really done too much with direct sun for fear of burning the sensors on my cameras. From a technical standpoint it ordinary. It was shot using HV20 photo mode and an IR intervalometer set to a 3 second interval. It could have been done with a 60 minute tape and Vegas, I guess. However with the intervalometer I could easily have gone another 4-6 hour with a 8GB SDHC card.
The OTHER nice thing about the HV20 for time lapse is that has a built in UPS of sorts. If you have a fully charged battery, you can get about 2+ hours of stills. It will also run off mains, and you can turn on / off the mains without rebooting the cameras - as is necessary with many still cameras, if you can run them off mains at all. So its great if you want to get a series of a storm where the power is flaky. It will just cut over to the battery withouth complains or disturning the series.
SBG was used to reduce flicker. You will see that the flicker in the sky and dark portions is well controlled. Flicker is still evident in the over exposed portions and blown out details. This is an issue that is hard to correct properly. This is because the detail is alread missing, so increasing / decreasing the exposure after the fact is VERY visible.
Obviously this is an issue for cameras whout manual / fixed exposure. You could point it at the sun and it would be essentially flicker free. What we are trying to address is being able to get acceptable results from the cheapest cameras. While the HV20 is a great video camera, its a really crappy still camera. The reason I use the HV20 at all is that I can use it for long period time lapse when I'm not using the HV20 for filming. It also produces a HD aspect ratio, so no cropping is necessary. ( Thats also one of the minuses as well. )
You'll notice a lot of scintillation in the blue sky region, this is due to the excessive sharpening I applied in post. Live and learn. I normally address this by using the NR algorithm in SBG prior to sharpening. But the sharpening really brings out the details in the trees. Point being, this is not an issue with the HV20. But the HV20's photo mode is extremely noisy. This is regrettable. Its also worth noting that the HV20 makes no attempt at a true ISO - there is no ISO control at all - so who knows what is really happening in there.
This is why I prefer my F30 for sky work, as the scintillation is nonexistent ( see the Provo clouds clip ).
So for the HV20 photo mode, NR is really a necessity, and then some level of USM to bring back the details, sans the scintillation. The F40 and other Fuji cams perform well for this as well. However nothing beats the F30, except if you get into the DSLR class camera.