There are literally thousands of posts about the 370 on DVXUser and DV Info, not sure why nobody on the Cow seems to be interested in it? Barry Green and Philip Bloom have already shot with it and written articles and Philip posted some nice images he shot with it of the California coast.
It is a huge improvement and yes, it is the replacement for the HPX300/301. If you need a 1/3" pro camera, it is the best one on the market.
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I checked out the camera yesterday at NAB and was impressed with the picture. Unlike the HPX-300, the camera can be used with the gain up. I shot into the dark shadows at NAB with the 370, and the picture was good in low light with its high sensitivity, and I could boast the gain up to 6DB and see little noise. I hope people buy this low price shoulder mount camera and maybe it will become a work horse in the industry for documentaries and other niches. The real mojo at NAB was with the DSLR cameras, their lenses and their large sensor high ISO's. Saw a demo of a film "NOCTURNAL" shot with a 5D at 6500 ISO using NO LIGHTS, shooting the gritty downtown LA streets at night. Very nice.