Yes.

http://www.bhphotovideo.com/c/product/580065-REG/Sony_HVR_MRC1K_HVR_MRC1_Memory_Recording_Unit.html

And you can use that unit with any cam that has firewire and an available standard accessory shoe. But with the Z5 and Z7, it snaps directly onto the back of the cam via a special connector, so you don't need either the shoe or a firewire cable.

You know the spec of the Sony, so take a look at the HMC40:

No ND filters - only auto, so you have far less aperture choice.
¼" chips
12x zoom, that starts out at 41mm wide-angle. Wide-angle??
No zoom ring (or focus ring - you decide).
1 card slot
side- not top screen
No slow movie shutter speeds
More compact and lighter.

tom.

So now I'm looking at the Canons. Ive seen the Canon XH-A1 for about $2300 on Ebay and that includes a bunch of vital accessories. I've read about that as well and even with some of the downfalls of that camera, still seems like a great deal for what this Canon can do.

Anyone have experience with this one?

The XHA1 is indeed an excellent camera, and made even better when it was face-lifted to the S model. The top screen is slightly small but that's about the only downer.

Raji if you decide on going canon way and buying an XH, get the S version. It's a great camera for the price. You always have the option of sticking a nano if you decide going solid state as well... Just my $0.02.

Thank you everyone who has responded. I read all comments and appreciate every one of them.

Just an update. Although I really wanted a tapeless camera, for the price and quality, I couldn't find what I needed. So I decided to buy the Canon XH-A1 . I just received it in the mail today. Can't wait to dig in. I've been watching some work produced on these and man, they're amazing.

Thanks everyone for your help.

Congrats on your new camera. You got yourself a great piece of gadget!