It's a static gg adaptor so you'll see the gg when stopping down or if it gets any dust on it. It looks like the same design as the HV20 models which use plans from here.
The Encinema 35 is a static adapter, but if you're not shooting for HD broadcast (which I doubt most people are with these little cameras) it's a good adapter for the price as it seems to be the smallest adapter available. Static adapters are good for Standard Definition broadcast, DVD or Web Videos.
I've gotten good results with the encinema 35mm adapter. :thumbup: