About 30MB/minute of HD video, the quality is not bad and outdoor color saturation is good. Frame rate seemed to suffer slight during panning, getting jittery. Audio definitely fades a bit if the top-mounted mic isn't slightly facing the subject. All in all, however, pretty acceptable for outdoors work that doesn't need top production values.
Generated a nice .MOV file that's online friendly as opposed to the less friendly AVCHD format that others use.
Important Note: I was only able to record in full HD when I used an 8GB SanDisk Extreme III SDHC card with a 20Mbps data rate. Slower cards did not work.
Now for a test of the indoor quality.