The new Sony CX12 is out $699 based on the same chip as the SR11, but memory card only, pretty much similar. That is good quality for consumer.
I've posted somewhere around here that sr11 uses less pixels, and less dense, then the one used in the Samsung hmx-20c and Casio F1, but that information is wrong. I don't know where I got that from.
The cx12, the Samsung HMX20c, and the new Canon (24mb/s recording modes) hg20, hg21, and Hf11 are new reference cameras to compare to. The truth is that $200 cameras could be as good as those one day.