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This has been done a lot. If you really want to know, take a look at Barry's comparison article. A quick breakdown would be the following.
HVX200
+Way more options such as 720p, variable frame-rates, and some other cool stuff.
+Many think it gives a more film-like image
+Many prefer Panasonic's gamma curve and color reproduction
+Many argue it gives a better look "out of the box."
+Slightly higher dynamic range.
+DVCProHD means a lot less compression
+P2 means never having to worry about tape and can make life SO nice
+True 24p
-More expensive
-P2 makes it even more expensive
-Some find it too noisy
A1
+Slightly sharper 1080 performance (especially if you go 60i)
+Slightly better low light performance
+Cheaper
+HDV is cheaper than P2
+Many like Canon's image controls more
+24f, while not true 24p, looks almost identical and, while there is some resolution loss, it's not much
-HDV is your only option (I believe) and it uses interframe encoding which can mean motion compression. I've seen some great results with the A1 but I NEVER wanna mess with interframe encoding.
-24f may create some issues with editing systems.
-If you want to capture into a computer, you'll want to use a deck or a smaller Canon HD camera since other systems won't be able to capture 24f.
24f, while not true 24p, looks almost identical and, while there is some resolution loss, it's not much
Boy I don't see that.
And the color space is quite a bit different.