This is such a tired argument, but I hope to settle a few things without beating a dead horse.
First of all, the VX is the standard for SD footage because SD was the standard for ages. There were countless SD cameras available over the commercial use of SD, and the VX trumped them all for various reasons, but one of the most notable reasons, one that has been completely overlooked in this thread, is the mic. The VX1's mic is superb, it's even unmatched when compared to the VX2. I use a VX2 and always have to change my audio settings to adjust for the clip (ie. filming fisheye, long lens, under a bridge, an overhang, any echoing surroundings etc.). Automatic audio on a VX2 sounds like someone is holding a phone up to their wheel as they roll along. AND DON'T GET ME STARTED WITH GL1'S! AWFUL CAMERA ALL AROUND.
Now, with HD there isn't such a set standard in resolution. Are we talking 720P versus 1080P versus SD? The problem is we are already on the verge of outdating those resolutions with 4K (for instance, the RED cameras). They haven't even developed a standard for HD camcorders so it's basically a HUGE GAMBLE whether or not you buy the right one (ie. the "timeless" one let's say). Also, all of them film in a different proprietary format, so it becomes even more of a headache for the person editing to slap it all together on a timeline that won't cause your computer to spit sparks at you in the editing process. MiniDV is MiniDV; avi, DV or raw MOV, they all edit pretty seamlessly in Premiere Pro on a DV timeline.
Also, some of the newer cameras use the CMOS sensors which is a less costly alternative to the CCD sensors. The CCD sensors handle motion better though (I'm not an inorganic chemist, so I can't tell you why charged coupled devices works better). The CMOS sensors can give the footage a "rolling lens" effect, which basically makes the subject look like they're made of Laffy Taffy. Obviously if you are predominantly filming motion, this is a huge detriment.
So in short, there is just TOO MUCH VARIETY in HD. I know the HDSLR's are catching on, but they can't zoom without losing focus, so they aren't a complete solution, and the HVX is probably the most solid solution, but by the time most of us save up for the camera and outrageously priced piece of glass to put on the front of it, it will get destroyed by flying skateboards and something bigger and better will already be out. The VX is an increasingly limited timeless tool that carries the weight, value and authenticity of a certain specific look that has made itself the face of the skateboard industry for such a long time.