I would go out on a limb to say that comparing the 1/4" CCDs on the JVC and 1/4 CMOS on the Panny, CCDs would give a cleaner image especially in low light where the small size of the chips becomes an issue. From the test shots I've seen from the HM100, there is nearly no noise even at 12dB gain. My experience with CMOS hasn't been so good. Noise is problem even for CMOS as big as 1/1.8. So I don't have much faith in the HMC40's 1/4" CMOS.
Also between the Panny's AVCHD and JVC's Quicktime compliant long GOP MPEG-2 Codec, there apparently is a 12 fold difference in log and transfer time for FCP!
Choice is pretty obvious for me.