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YIt lacks some features which i loved about the ex1r (rotatable handgrip, . . .
None.
But it really depends on what you mean by "better."
There are three new XDCAM cameras this fall (PMW-100, PMW-160, PMW-200) and only the PMW-100 is under $5000. And since it only has one 1/3" sensor, it certainly does not have better picture quality than an EX1R or EX3. The PMW-200 is slightly better than an EX1R, but it isn't under $5000. I have a PMW-100, a PMW-200, F3, FS100, F800, and EX1 right here in front of me right now so I know a little something about how they all compare.
All three of the new cameras can record 50Mbps 422 and 4 channels of audio, so I guess they are better in that regard, but not when it comes to overall picture quality. I think the only Sony camera that maybe someone could argue has better picture quality for under $5000 is maybe the FS100. It's great for low light and shallow DoF. But, it's not XDCAM, so you give up all the great features, functions, and workflow benefits that only come with XDCAM cameras. In my opinion, it's not worth the trade. But other people may disagree. It depends on your workflow and what types of shoots you do. Personally, I'd much rather have an EX1R, EX3, or PMW-200 than an FS100 if I could only have one camera.
http://www.vortexmedia.com/DVD1.html
have you compared any of them to any of Sony's bigger sensor brothers that are under $5k? I'm really curious to know how the PMW200 picture compares to say the EA50, VG900 or even the VG20/30's of the world.