OK!!! Since I am more of a still photographer at these events...I will do my best to tell you what I would like it to do. For my stills...I use a Canon Rebel XTi with a 75-300mm zoom, ISO set to 1600 in low light, sports mode. That's the extent of my camera knowledge. Then I slideshow all great shots in photobucket and get super creative in Photoshop for website shots for gyms site.
For competitions, I need to be able to capture 2.5 minutes of face-paced action, low light, sometimes strobe lights or flashing lights. Sometimes I am able to sit in priority seating, first 5 rows, or other times I could be 50 rows back. I want to be able to load videos to YouTube, and make DVD's for end-of-year banquet for cheerleaders & parents. *side note...also need great software to help with that. I want to get something to carry in bag I carry all the rest of my rest of camera stuff in...so the more compact, the better. I am not a professional videography by any stretch of the imagination...just want to capture my DD's season!!! I don't have $500 to spend on this item either...is that doable?!