P&S cameras with sensors about same size deliver 12-16 megapixels. 1080p video is only 2 megapixels. A bit of math shows that if a 1/2.3" sensor is only 1920x1080, it has about same photosite density as an APS-C sensor of a DSLR like Nikon D7100, and is likely to offer same noise performance.
Now, consider what kind of lens is there on a camcorder like G30: a 3.67-73.4mm (35mm equivalent 27-576mm), with a whopping f/1.8-2.8 aperture range providing a lot of light. Finally, for video, even at 60p, you don't need shutter speeds faster than 1/60, while action photoraphy often demands much shorter exposures to provide a sharp image.
My point is that limitations of small sensors seen in P&S photo cameras are not very applicable to camcorders.
Now, the fact that a high end camcorder has a ton of buttons and options does not mean they all have to be used. Most high end models have a very capable auto mode. But investing $1500+ in a camera, just like with DSLR's, usually means a certain level of dedication, and the best way to use a camera to its full potential is for a skilled user to have complete control - and that means a lot of buttons, dials etc.