Thanks guys for all the info!
Let me answer a few questions:
Budget - it is open, i don't want to spend more then i need to(exp buy bunch of bells and whistles i don't need) BUT i want to spend enough to have a quality product.
A good motto is to buy what you can afford.
Well...theoretically speaking i can buy whatever camera you say, but better have a good reason if i am ordering a 20k camera, as obviously more money on one item means less on others or waiting on other toys...with that being said i can afford the XF100 without batting an eye lash.
Audience - I am going to post online, BUT i also have intentions of making some Blu-Ray disks to send home for family and friends to watch, and to show off my work to friends, fellow divers down here etc.
I want to document my life down here on land/underwater, the main focus is underwater because it is the most fascinating thing i have ever seen having a 15' eagle ray swim 5' from you 60' underwater(prior too 3 months ago never dove in my life...) been hooked since have tons dive gear etc.
I have been planing several trips rtw last few years which the fist is in a few months to Italy/Greece/Dive the Med.
I want to document my travels, like rome. So i have this idea of documenting my travels, but i also long term want to compile footage to make a multi-disk series Documentary, on the world under the sea highliting the drastic variations of sea life depending upon where you are located on the globe. Something in 10yrs look back and say wow i did that, ive been there!! So ya online and Blu-Ray, but when i do blu-ray as a person with 55" LED tvs in several rooms of the house, addicted to Planet Earth Series, i want it to look good.
I know i am not going to buy all this gear, jump in the water and week later have prize winning stuff, i have NEVER done video like this, what i have done is minimal, BUT i started with this idea about a month ago, it has grown into kind of a passion already. Taking my time to make sure i get the right stuff.
I was thinking the XF100, as hey pro is pro.... if you guys tell me it is going to be worth it ill buy it.... its that simple, if the cheaper one wld do it i would go with it, but keep in mind i really do not want in year i get good at this say oh man this is a POS, and have to upgrade, rather spend now, even though i am a beginner per-say.
I have ordered the following rig to edit with (never used premier for video edit, just stuff like movie maker lol) have used photoshop
This Rig Is Being Built to Run Adobe Master Suite CS5(Premire/Photo mainly) - I already have this
i7 Intel 2600k Sandy Bridge OC to 5.2GHz x 4cores
16GB DDR3 2200 - 32GB as soon as i can order it(no 8gb DDR3 2200 dims yet)
2 - GTX 570's in SLI Mode
1- 120 GB SSD's; 1 for OS-Application Disks, other will be my scratch disk
4 - 3tb 7200rpm 64mb cache HD's in raid array
2 - 27" LED Monitors
I appreciate all the help getting me on the right path, i am so excited to A) start work on my project, B) start playing with another 10k in toys hehe
I do not know much about video cameras, never got into it, but i am jumping head first this time! the first month or two i will be doing alot of practice to get used to my equip, playing with editing, and learning how and what i want to do for story board etc, as for my long term goal of this documentary. I played with video when i was like 16-18 ( i am 28 now) and i am a computer engineer, just not good with creative stuff, but enough to get by, i do photgraphy may not have 100% perfect shots but i am good enough to get some nice ones out of what i shoot!
Thanks guys cant wait to see the next replies with this additional info =)