You have it backwards: Panny is 4:2:2 and Sony is 4:2:0. I bought the panny hvx200, in 2006. If I were buying a camera tomorrow, I'd by the Canon XL H1s. I would not buy the Sony, but that's me. You might ask "why would Sony make a long gop 4:2:0 mpeg2 camera? That's because the data rate will fit into a live television broadcast scheme, which is very important for news gathering, and plenty of picture for microbudget indie film festivals. Regardless, your camera determines a lot of other decisions. Here's a bit I wrote earlier:
http://forums.creativecow.net/readpost/47/856727
8-bit linear video will not simulate film (no offense intended to those who think it can)
http://motion.kodak.com/US/en/motion/Products/Production/Vision3_Color_Nega...
But regardless, what makes an image compelling? The contrast ratio in the lighting design! Either of those cameras will be a fine choice. You won't go wrong, either way. There's more to telling a story than the capture device.
If you want/need your movie to look like film at the cheapest possible price point, then it's tough to beat
http://www.pro8mm.com/home.html because you can actually shoot on film and scan the negative into any color space you desire, log or linear. It's film, and the super 8mm option means it's very easy to load :-) Plus, learning to shoot on film means you'll be judicious in your coverage plan. Often, microbudget directors shoot at a ridiculously high ratio, 10:1 or more. Shooting film means you'll plan more and get a better performance quicker, also means you'll save money.
There's massive confusion over what does what. Here's some clarity:
http://magazine.creativecow.net/article/the-truth-about-2k-4k-the-future-of...
To really mess with your head, :-) read this:
http://www.theasc.com/magazine/jan05/conundrum/index.html
Here's more: You have to buy the magazine, but here's the link:
http://www.ascmag.com/magazine_dynamic/June2009/current.php
"Testing Digital Cameras: The ASC and the Producers Guild of America put 7 digital cameras through their paces with the Camera Assessment Series."
For more information than you ever wanted to know, read this:
http://lurkertech.com/lg/
