Right, I get that. Just how? I understand how it works on disk based systems and solid state systems, like the XDCAM and Panasonic HVX200, I just don't understand how they get this to work on tape based systems. I think footage from the VariCam (the only slow motion tape-based camera I know of) requires an additional step to extract the slow-motion footage before editing and can't play back the footage in slow-mo directly from the camera, like I'd assume the new XDCAM stuff does.
I wonder if this new feature will find it's way to the next Z1 or FX1? Then I'd have no reason to look at the HVX200.
According to this thread over on the Sony HDV Forum, the thing shoots 120 frames per second onto RAM for 3 seconds, then writes to tape. Pretty cool. I'm sure we'll be seeing this feature more and more.