Far better than Canon or Sony? That's not what research shows.
Just completed comparing the Panasonic HDC-TM300 to the Sony Vixia HF S10 and for the most part they are identical. The only real difference is the Panasonic has a touch screen LCD w/ supplied stylus, where the Canon uses a joystick to navigate the menu structure. Another major difference is that the Canon has no view finder (eye cup), while the Panasonic does. The Canon shoots still photos at 8Mpix while the Panasonic shoots stills at 2.65Mpix. The Panasonic has 12X optical and 700X digital zoom while the Canon has 10X optical and 200X digital zoom. Both allow manual focus, and more. Those are the major differences.
Pricewise, they are about the same. I've found both readily available online. The Panasonic for $899 and the Canon @ $999. Both received high reviews from consumers and product evaluators alike. All other technical specifications held equal both cameras should provide rock solid video and audio. However, at the end of the day do your own research and buy what best fits your needs.