Well,
What kind of a story do you intend to tell with this camcorder?
Are you able to shoot some test footage to see if it can produce the desired look of the film you envision? You are aware of consumer grade digital camcorders' inherent inability to shoot clean images in low light? So, if you’re shooting dark scenes without a strong source of light to stimulate the itty bitty sensors in that camcorder, you might want to reconsider.
I'm familiar with the GS120’s stats; it's considered one of the highest valued point and shoot camcorders on the market at the moment, primarily because it’s one of only three consumer grade camcorders, all provided by Panasonic, which employs the coveted 3 CCD technology. Of course, when shooting digital, loyalty resides in technological innovation, and as a result the highest valued camcorder can easily become mediocre within 6 to 12 months after its introduction.
As a learning tool, a point and shoot camcorder sets limitations on how you're going to develop your skills for manually controlling/setting up your camera to accomplish a specific look. Just because it's a three chip, doesn't mean it's automatically a prosumer grade camcorder.
Hopefully, at the expense of only a few mini-DV tapes you'll discover if that particular tool/medium works for you or not.
All the best... :wink: