The best replacement for r300 is s300.

The best alternatives to r300 are rated as following:
★★★★★  s300
★★★★  ls50
★★★  rifle 5.5
★★★  project x 5.0
★★★  r400
★★★  project x 5.5
★★  r500
★★  s200
★★  r320
★★  uniflex
★  r50
★  kbs 90
★  monitor 50
★  canon vixia hf21
★  q300
★  nv30
★  gx100
★  r800
★  r220
  r200
  canon i960
  sony hdr-cx190
  r100
  m20
  sony cx210

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r300
s300
ls50