The moire/aliasing is happening BECAUSE the sensor has way too much resolution (16MP). Also, with such a high resolution, the low-light will be VERY noisy.
As mentioned, the Sony HX9v does excellent scaling from 16mp to HD. No moire and minimal aliasing.
My Canon 7d is 18mp and it does very bad scaling. I still love that camera and the lowlight it can achieve. What exactly makes the VG-20 to be worse?