Lots of technical information about these cameras in Car Key and other formats at http://chucklohr.com.
A water rocket page here (shows a modification to improve visibility of the LEDs).
Thread on the Water Rocket Forum where some technically-minded people have managed to modify the MD80 firmware to remove the date stamp.
MD80 camcorder instructions for removal of time stamp on Kevin Campbell’s Blog
Working MD80 date stamp removal instructions that do not require hardware modifications.