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For a school I'd think the Z-1 is a better choice.
The hvx-200 will require memory chips to record HD. Although the price of these chips is going to fall in the coming years I think it will be quite a while before they'd be cheap enough to buy enough chips for every student to have their own. So they'd have to end up sharing the chips, downloading and erasing them before anyone else can use the camera. (In HD mode, anyway.)
I can see a lot of uses for the 200 in the professional world but for a school I think sticking with tape is the best idea for right now. Certainly since one of the best things a studnt can do is to practice by overshooting and coming back with lots of footage to play with. Restricting what they can do based on how many memory chips you can afford probably isn't what you want to do.
Eventually we'll all be recording on chips, but at this point I'd still suggest a tape-based camera for your uses.
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