I'm not sure if it's a commentary on Canon, prosumer HDV, or the quality of the original HV20, but with 2009's Vixia HV40 it's going to be three generations of essentially the same product. There wasn't much difference between the HV20 and its successor, the HV30, and this year's HV40 has basically the same design, same 1/2.7-inch 3-megapixel CMOS sensor, and the same 10X zoom lens. All that's new is support for a native 24p mode plus a user-definable custom key.
Though Canon hasn't yet determined pricing, it's slated to ship in March 2009. I don't expect the price to be as low as the HV30, however, and given the minor changes in the new model, I'd snap up one of the older versions, which can be found for less than $600, before they disappear from the market.
Discuss Canon makes minor update to consumer HDV camcorder