Yes! I have the earlier model of that same camera (the GS70). It's an awesome camera! Lots of manual options. Though I heard they removed the manual focus ring from the 120. Anyway its an awesome camera.

i was wondering the same thing... it's the only 3CCD camera i can even come close to affording.

www.maketradefair.com
www.thehungersite.com
www.oxfam.ca

Why is it so much cheaper than the others?

From a quick look at a review here:

http://www.camcorderinfo.com/content/panasonic-pv-gs120-camcorder-review.htm

Small lens.
Small CCDs.
Plastic body.
Menus rather than buttons for manual controls.

None of which are necessarily a big problem for picture quality, but together they will reduce cost and make the camera a bit more tricky to use. If the review is accurate, then for the price it looks like a good deal.