And why it doesn't matter is that your common everyday use of a camcorder rarely takes a 22 minute long recording. If you are doing video surveillance then you must test for this issue.
There's little reason for this since the video content could be buffered in RAM while the files are written out. So the new units rarely see this issue but you must test for this or better yet, don't buy any unit the seller and maker will not address your concerns.
I've been researching some video cameras and am almost ready to pull the trigger on the HDC-SD60, but when reading about some of the competing options a question arose that I couldn't find and answer to:
Is there any sort of loss of recording time associated with the 4GB file-size limit of FAT32?
I have read that the Sanyo VPC-FH1, for example, requires between 5 and 10 seconds to save the first file and start recording to a second file when the 4GB limit is reached during a long recording session. During that time period, footage is actually lost, so there will be a gap every 22 minutes or so when filming in 1080p for 5 to 10 seconds where nothing is recorded.
Is this issue present for the Panasonic SD60?