I bought this camera on Monday, had fun with it for two days, and then returned it. Although I can't afford it, I then closed my eyes and ordered the HDR-CX550V. I basically went from the bottom of the Sony consumer class to the top in one fell swoop.

Things I liked about the CX150:
* FABULOUS quality in adequate light. The video in 24 Mbps mode is stunning. Search YouTube for examples. Every hair on my cat, dust particles in sunlight, it all shows up with beautiful resolution. It's amazing. Almost Blu-Ray quality. You won't find any consumer-class camcorder with better quality.
* 25x zoom , when used with a tripod, lets you get really close
* "macro" works without any special settings. Just put the lens an inch away and it will focus. Resolves fingerprints.
* Amazingly tiny. With no hard drive or tape drive, the unit is frighteningly small. You can put it and all the cables + charger in a camera case designed for a DSLR + telephoto
* PMB software works, has good basic editing. Used it to grab frames from movies - almost don't need the "still" function if 1990x1080 res is good enough.
* It will take a 32GB memory stick, even though the feature list says they only support 16.
* The touch screen is responsive
* "touch the object" spot focus, spot white balance is cool
* Give it the NP-FV70 battery and it will record for hours and hours

Things I either did not like or features missing (by "missing" I realize that you have to pay more). Don't mistake the length of my 'cons' list as hating the little guy - it's a good camera for what it is designed to be.
* A bit pricey. I think it is worth about $450.00, not the $549.00 list
* No wide-angle. I wish Sony had made the lens go from slightly wide-angle to about 15x, instead of from normal to 25x.
* No external mic input
* No hot shoe - not even the Sony proprietary one
* Zoom motor noise is very audible in quiet settings - don't expect to use this camera to record acoustic orchestral music in concert halls
* The "smooth slow-mo 240 fps" is NOT HD 1080i60 quality. Might be OK at 720, but I found it disappointingly blurry. I'd love to see it have the same capability as the Casio EX-FX1 (not holding breath)
* Not enough buttons - too much reliance on the touch screen. I prefer buttons to scrolling through menus. Sony could fix this by providing more than 6 "my menu" choices.
* Auto focus works good most of the time, but when it gets confused it is horrible. Combine that with no quick focus wheel and it is a recipe for loosing shots
* Picture mode is not available in 24 Mbps HD mode.
* The electronic stabilization does not work. I've grown used to optical stabilization in my DSC-H50 and there is no going back.
* Short of using something like the Black Rapid Straps Fasten-R2 screwed into the tripod shoe, there is no way to attach a neck strap. I almost dropped it several times.
* The plastic housing is sensitive to noise - any little touch while recording will show up as sound in the video.
* No windscreen for the mics. Combine that with no external mic capability and you won't be able to hear anything in windy conditions.
* No remote
* No "night shot" infrared
* Low light performance is what you would expect from a small lens size. All the electronics in the world can't fully compensate for glass area.

Summary: if you want a fairly cheap, tiny camera for shooting GREAT quality vids of vacations, the kids and the pets, this is an excellent choice. Want to do more, and you will need to pay more for a better unit. Just want to help other people avoid my experience of being a bit disappointed and having to trade up.