AVCHD is all the rage these days. The format was announced back in May and Sony just produced two new camcorders that take advantage of the new format. But what the heck is it? PC World has a great article up explaining where it came from and how it works. It seems like a great format to us, but my goodness, (everyone playing needs to take a drink, right WallyB) do we need another format? In this case, it seems so. AVCHD doesn't take up that much more room then normal miniDV and is much higher-res. We think it sounds great from that front but it doesn't play in just anything though; the PS3 and Blu-ray players can display the content though. There are plans to license the technology so if this does turn out to be somewhat successfully, AVCHD compatible DVD players are a sure bet.
Check out the article; it's not that long nor overly complex.