I just love my g10 and I wanted to buy a b-cam that had as much of the functions and quality without spending too much

It would appear that the 406 is the cheapest to already feature the CMOS PRO sensor.

I know it lacks a few features, but they don't seem to be essential, as long as the video quality is the same as the G10. It also costs £400 versus £1100 of the g10!

Anyone has a direct experience on the 406?
Fed

The recording modes look similar/identical


LP mode 5 recording quality modes.¹
MXP: 1920x1080, 24Mbps;²
FXP: 1920x1080, 17Mbps;²
XP+: 1440x1080, 12Mbps;
SP: 1440x1080, 7Mbps;
LP: 1440x1080, 5Mbps

Specs look pretty basic.
Different lens (not as wide, if that is important) and different filter size as well. (Do they use the same battery, I did not look?)
Check if the use the same DSP, if not the images may be a bit different, if that is an issue.
Spend some time searching for and reading reviews

I have seen a few clips on line, and image quality looks identical.

both camcorder use DIGIC DV III image processor, and the sensor is exactly the same