Yang,
I capture and edit in HDV. I use a G5 2.5 dual with external FW800 drives and really see no difference in editing speed between DV and HDV. Once my edit is done, I export using Compressor to DVD 90 min. Best Quality. I assume Compressor is doing the down conversion. One-hundred percent of my work is delivered on DVD and I've just stuck to the FCS presets and have been getting client happy results. I believe in keeping it simple.
--Josh

Josh, relating to your Mac, when I switched to HDV I noticed seeking video slowed down a good bit from when I edited DV. How much RAM are you using? I have the dual 2.0GHz with 3GB, using 3.0gbps/s SATA drives

Yang, I've also been exporting my HDV material to SD DVD using the built in compressor presets at 90 min high quality and I've received many comments regarding how good the quality is.

not too happy with the XL H1
 

picked up the H1s today and man are they heavy!

ENG styled shooting from the shoulder is not something I'm used to either.. I think it would limit my shooting styles.

The viewfinder is extremely smeary.. shutter is currently at 1/48 @ 24F.. Why would Canon give it such a small viewfinder for HD shooting?

This is gonna be a looonnggg weekend..