The Panasonic Lumix TZ7 is around the £250 mark depending on where you look. It's a small compact camera with a 10 megapixel chip and saves onto an SD card (not supplied) An 8gb card, which saves an hour of video or hundreds of photos at the best quality is about £20.
The plus side is the size. It fits in the pocket and is small enough to fit into your pocket. About the size of a mobile phone, just a different shape. Another plus is that it looks like a compact camera, not a camcorder, so others aren't always aware that you're filming video.
It has a multishot setting whereby you can take a series of photos at about 3fps as long as you have the button pressed, up to a maximum of 100 pictures. This is four seconds of Pal video. Not quite timelapse but an amusing gag.
The minus size is that the format isn't the best for hd video with some artifacts and jagged edges. Filming at night or in low light levels, bright objects cause streaking. Quite heavy streaking with a bright vertical line which can be annoying. However you can see it on the led screen, so it won't come as a surprise in the edit. Having said that, I must remind myself that this isn't a £700 camcorder but a £250 compact camera which takes video.
I miss a viewfinder which I can hold up to my eyes, especially for video. Also, it has a 15 minute time limit which is strange. This means that you can only take a shot 15 mins long. You can take as many shots as you like as long as they are less than the magic quarter of an hour. This means that you couldn't use the camera, for example, on stage where you tuck it away at the start of the gig and leave it recording for the show.
All in all I'm happy with my purchase. It just needs to be said that this is very much a digital photo camera which can take video, rather than a camcorder.