http://www.niteriderdive.com/video_products.htm

Has anyone tried or seen this yet? I do like the bouce feature of this light.
I'm looking for an on camera light for my HVR-Z1U

or should I just get the Sony HVL-LBP

Any suggestions?

Interesting, but I'll stick to my HVL-LBP light from Sony.
While bouncing the light source is a good practice for fill lighting, it isn't going to do you much good in situations where you need light throw.

uisng teh flip down diffuser on the Sony LED light will give you a nice soft wide spread.

Also the HVL light is dimmable, stays cool, runs all day long on Sony 970 batteries. And if you need a focused spot beam, the focuser door can let you throw the light an additional 10-15 feet. Great for getting that little punch you may need when shooting across a dancefloor.