Both cameras are set to 17mbs quality. This is one-under the top for both cameras... and the only setting they have in common. The M41 looks 10% better at 24mbs. The TM900 shoots 28mbs at 1080P using MPG4. The M41 excels at low-light...but if you take TM900 MPG4 footage at 1080P shot in daylight and down-convert it to AVHCD, It looks slightly better than the M41's at 24mbs in daylight. The Pana is more color accurate, but the Canon's color representation is warmer and more pleasing. The Pana is way more pro-sumer with extensive manual controls. The LCD and EVF on the Pana are also better. I use both for their individual strengths.