It depends on your objectives

If you are wanting to do good quality videos, then the only real choice is a good digital camcorder. I have and do use both a Canon T2i DSLR and Sony DV camcorder. If I am doing mostly photos with a few videos thrown in then I use my DSLR. If I want to make a good vacation or family video then definitely the Camcorder is the way to go. Why?

Most DLSR's in video mode will not support focus changes while zooming, the mic will capture zoom sounds if electric or you'll get camera shake if you manual zoom. A camcorder can run continuously for quite some time whereas a DSLR may overheat and shut off after just 3-5 minutes of continuous recording. Camcorders will almost always have greater optical zooming and done with smooth and quiet button controls, and they will maintain focus. DLSR's are really designed for excellent photography with video as a side feature. However, the DSLR developers are making improvements all the time, so if you want to go that route, do some research on the very latest models and expect to pay for performance. Price wise, camcorders are really coming down in cost lately.

So it's all about your objectives and what you want to primarily record.

And going a bit further, I suggest the Mini DV tape camcorders over the disk or other storage formats. These are the same media professional TV camcorders use and quality is superb. With a high speed firewire port or USB 3.0, capturing to a PC is quite fast.