So bottomfeeder22, how do you like the SR-12?
And the basics video is good, if its the steve miller one. I haven't seen Annie Crawleys video yet, but it seems like it has more in it, its also 40.00 too. He will show you the 4 fundemental shots needed for underwater video, and how to tell your story with the camera, and some other stuff.
Good video, you will see improvements the more you use it.
I love the SR12, but it's my first camcorder ever, so nothing to compare it to. It's pretty user friendly, the menus aren't all that complicated (though I am an admitted tech geek), it's small, and the LCD screen is nice as long as it's not in direct sunlight. It does get greasy and is a fingerprint magnet, just accept the fact that that's how it is.
I did have one issue with the touchscreen in the Ike housing. On the Spiegel Grove, I couldn't get the touchscreen to work once I'd set my white balance - I had to make that entire video you saw with menus all over my viewfinder. I think the pressure may have messed it up a bit, as I could feel a vacuum on my wands as I pulled them out. Maybe next time I'll crack the case open at depth to relieve the pressure.

I had no issues with the screen on the remaining (shallow) dives.
As far as topside footage goes, it shines as well - more than one person commented that the scenes "look better than real life", an absurd statement, but you'd understand if you saw it - colors and sharpness are really insane. I'm sure that pros can tell the difference between this and a $5000 camera, but the other 99.9% of us can't and will be perfectly happy with this cam.
Also topside, the microphone can record in 5.1 surround - there are different sections of the microphone that supposedly will give you the surround feel when played back, but I haven't put it on a good surround system yet.
All in all, I'd buy again in a heartbeat. For my $$, it gives me a spectacular picture on my TV to share with my buddies after diving all day, the exact reason I bought it.