I understand the PD150 records DVCAM. I think the tapes will play back in the XM2 for capture, can anyone confirm this. Also will there be any loss of quality between the two formats.

No, tapes recorded in DVCAM format will not play back properly in non-DVCAM equipment. DVCAM records in a higher tape speed than regular DV.

I have a load of footage that was recorded on a PD150 which is no longer available to me, so what is the best thing for me to do with regards to capturing the footage?

Are you sure you recorded the tapes in DVCAM mode?

If so, you'll need to either use a DVCAM camera or deck such as a DSR-11. Rental?

Note that some Sony MiniDV gear can playback DVCAM tapes. Try some friends with Sony gear, they may be able to help you.