Eric, I've got the SR12 and it is indeed a fantastic camera. To my eyes it may well be the best HD consumer camcorder I've ever seen. Colors are superb, clarity and resolution appear better than my HV20 (not by a huge margin, but to some degree). As you mentioned, I'm also seeing reduced noise relative to my HV20 with the SR12 picture. AVCHD has come a long long way.
The other thing I'm noticing about the new AVCHD cams is they appear to hold detail better while panning than HDV cams. I'm betting the upcoming AVCHD Canon cams will be comparable in picture quality, but they won't have viewfinders.
BTW, I asked Austin if he could provide a wide angle comparitive series of clips, shot outdoors. That would give us a great idea of the picture quality of the HF10 vs the HV20.