A fixed lens version of the HVR-Z7, the HVR-Z5 has just been announced in Japan. This version actually has a wider lens (29.5mm at 35mm equivalent) than the Z7 or Z1. In fact it is the widest of all the HDV camcorders Sony produces. At 169×188×451mm (width x height x length) , it is very similarly sized to the HVR-Z1 (163×194×365mm). The extra 94mm could possibly be the bigger battery the Z5 ships with, the NPF770 vs the normal NPF570 that shipped with older camcorders. It weighs in at around 2.2kg vs the Z1 at 2.1kg.
The Z5 does all the things the Z7 does including the 24/25/30P, 50/60i recording, DVCAM and the improved Super Slow Motion recording introduced by the V1. It will be interesting to see if the camera will fit into existing housings.
Like the Z7, the Z5 comes with the HVR-MRC1 , which is now sold separately and works with any HDV camcorders. The MRC1 allows HDV to be recorded onto Compact Flash Memory cards. A 16GB card can hold up to 72minutes of HDV, which is great for tapeless recording or backup in case of tape issues. It does not allow cache recording like the DR60 and the files have to be broken up at 4GB due to FAT32 issues. There is a Sony utility which "stitches" the files together for the NLEs. The unit sells for ¥98490 (or about US$930) which is very steep. However it is useful for extending recording time without opening the housing for water ever reason. The MRC1 attaches directly to the Z5 and Z7 and uses the power from the camcorder. External power must be used with a cradle that comes with the unit. It'll be interesting to see if the MRC1 can be fit into existing housings.
The FX equivalent for the Z5 is the FX1000. Obviously the removal of the XLR, DVCAM, dual system recording, much like the FX1 to the Z1.
One interesting thing is that Sony has dropped Leica as the lens and named it the G lens series.