Personally, I don't think investing such money on a standard definition camcorder is a wise decision now that HD has become far more mainstream. Sure, you may not have an HD telly now, but three years ago, even streaming 720p over the internet seemed absurd, and now full 1080p is being streamed. It's moving incredibly quickly.
It makes more sense, in my personal opinion, to buy an HD camcorder for about the same price. If you have trouble editing, you could always transcode the video to mpg-2 for editing purposes.
So no, I don't think it's worth buying it at that price.
Some good HD camcorders to consider are Panasonics HDC range, or perhaps Canon's HFxx range. I use a Canon HF100, which I bought in the summer for £500. It produces a stunning picture when used right, and because it's HD, it looks far better to me than any professional standard definition model, even when downsized to standard def.
This is just my personal opinion, however. I'm sure others will give their thoughts on the matter too.