Appears to be new business version of SD1 with 40GB storage drive thrown in and lower color, a bit confusing to read:

http://64.233.179.104/translate_c?hl=en&u=http://www.watch.impress.co.jp/av/docs/20070119/pana.htm&prev=/search%3Fq%3Dwatch%2Bimpress%2Bavwatch%26num%3D50%26hl%3Den%26lr%3D%26safe%3Doff%26rls%3DGGGL,GGGL:2 006-17,GGGL:en

This is an good site to check for new Japanese cameras, and first reviews. I am unable to keep up with checking these sorts of sites to find news of new cameras. If anybody else would like to do it, that would be appreciated?

Here is the translated Panasonic page:

http://translate.google.com/translate?hl=en&sl=ja&u=http://panasonic.biz/sav/news/070117/070117_02.html&sa=X&oi=translate&resnum=2&ct=result&prev=/search%3Fq%3DAG-HSC1U%26hl%3Den%26lr%3D%26sa%3DG

It looks virtually the same as the SD1 except for the body color and the hard drive.

-burk