I would not want to edit DV with anything less than 2GHz and 1GB RAM

I would not want to edit HDV with less than 3HGz and 2GB RAM - and that is only if you have Aspect HD. Otherwise, it is time to get a fast 3.2 with Dual Core technology.

Right now I am running a Dell Precision 670 Workstation with the following guts:

Dual 3.0 gig Xeons
2 mb L2 cache
2 gigs of dual channel memory
Five scratch disks
Windows XP x64 bit Operating System which allows me up to 16 gig of ram.

Am I so far pretty future proofed with PPro 1.5 plus Video Collection?

I would say you are good for a while anyway.

At least a year. :)