You will be happy with that cam for everything you want to do execpt for recording your music, hence it does not have a mic input.
To get a good cam with a mic input you will need to spend at least $800.
I would go with this cam now http://www.bhphotovideo.com/c/product/597342-REG/Sony_MHS_CM1_Webbie_HD_MHS_CM1_High.html
then save your money to upgrade later. The CM1 is a great little cam for home videos and with the memory stick you can quickly upload to a web site where your family in other towns can view it.
