Although perhaps Sony NEX-7 would rival this camcorder in resolution and quality, it is not phase detection (contrast) and doesn't seem to be as good of algorithms with processing unless you are using a high-end lens (easily over $1K), it probably won't compare well enough but guess that in the end the price gap is much closer. NEX-5, 5N, 7, etc. are made in Malaysia, not Japan, but at least not made in China like Sony DSC-HX5V. Not as well made (plastic) but good performance and features for its time. HX7V and later are made in Japan though. (These are compact, small sensor cameras, which are in a low-end league but still very good in many ways.)
NEX-7 is fine in general. It does overheat, which is a pain, but at least you have an internal microphone jack that most compact cameras do not offer.
Why Sony doesn't have sepia mode in most of their cameras is a drawback for some, but at least newer ones can record in B&W (grayscale). HX5V could record in color only.
Why don't NEX cameras have internal memory and no memory card included? Maybe it is because memory cards cost so little nowadays. Still, what a lame excuse.