Wow. We're used to Kogan totally undercutting the price of the big dogs when it comes to TVs, but they've just released a 1080p camcorder for just $399.
Looking at the specs, you get 1080p recoording, an 8GB SDHC card to record onto (upgradeable to 64GB), video editing software, 5x optical zoom, face detection technology, optical image stabilisation and the ability to take still photos (at 5 megapixels using the CMOS sensor). There's a 3-inch LCD screen, composite and USB cabling and weighs just under 300 grams without the battery.
There's a lot more to video cameras than just resolution and megapixels though, and where our concerns lie are in the quality of the lens and the onboard UI - we've seen some pretty horrendous user interfaces in the past with Kogan. But as is the case with all gadgets, we'll reserve judgement until we see it for ourselves.
Still, $400 is a magical price point for any kind of video camera. If you're after a cheap camera to record your upcoming Christmas celebrations (or anything else), you're not going to get much - if any - cheaper than this.