I'm also curious wether the TM700 requires recording externally to get clean sound? I have some good shotgun and lavelier mics that I'd like to use. The shotgun is XLR. Guess I could get an adapter.
You will need a good field mixer if you want great sound. I use a Sound Devices MixPre mixer for most of my video work, which is then fed as a LINE LEVEL signal to the camera. ( a BeachTek passive adapter handles signal for the HS700, and I just feed the signal directly to my HMC150 )
No camera will ever replace a good quality field mixer if sound quality is important to you.