Thanks for your input, Nick. That's really helpful. Please excuse my ignorance, but why is HD a pain to work with in post production? Is it not fully supported by the different software editing packages yet?
With DV, every frame is a full frame. With HDV in it's raw .m2t format, the signal is highly compressed to make it fit on the same tape that your DV fitted on, but with the higher resolution. So you're only getting a full frame, known as an "I" frame every 15 frames (if you're shooting 60i) or every 12 frames (if you're shooting 50i). The frames in-between just describe the differences from that I frame. If you want to edit with that raw .m2t signal and a full resolution preview then you can just about do it with a powerful machine such as a quad core and an NLE like Sony Vegas Pro 8. However most editors would convert the HDV, usually on capture, to an intermediate AVI codec such as Cineform or Canopus HQ and then edit with that. There is a very small loss in quality in the conversion, not a big problem really, but the file size is much larger because the signal has been largely uncompressed to make the video much more responsive in your NLE. Personally I edit in native .m2t and also archive in it to keep file sizes small, but in my case this has required a very powerful computer and an extremely tortuous workflow to archive in .m2t without a quality loss. Not to mention a steep learning curve. If you want to archive in something like Cineform or Canopus HQ then you have to plan for much larger storage requirements than DV.
Editing DV is a piece of cake for any modern computer. It's stable, responsive, relatively small file sizes, and there are great, mature tools like Sclive around to make everything straightforward. If you go to HDV, no matter what workflow you choose to follow, you're likely to have substantially more hassle and expense to get the editing job done.
Also I think I'm right in saying the HC7 is not as good in low light as the TRV900, so you could expect more noise due to gain from deeper dives.
Are you speculating, or is there already a new technology coming down the pipe in the near future that will/could be better than HDV?
I'm not the world's expert on up and coming formats but there are new formats encroaching on both the top end (Panasonic DVC-PRO HD, Sony XDCAM EX) and the bottom end (AVCHD etc.). I've read many times on the net that HDV's days are numbered. As a format it does get quite a lot of stick from video pros. However with Sony's recent announcements of new top-end HDV cameras (Z7 etc) it seems there is substantial life left in the format.
It really is, and I really do like it. I have an HD tv now, and thought it would be nice to shoot HD. It seems more and more people have HD tv's now too. Unless someone can give good reasons/evidence for upgrading now, then I may stick with the TRV900 for the time being.
Really, unless you have a compelling reason to upgrade, I would wear the TRV900/Gates combo out first and then see what state the market is in then. If you're still tempted by HDV then spend a good amount of time cruising the forum for your favoured NLE and see what issues people have been having with HDV. Know exactly what computer hardware requirements you're going to need in advance rather than getting burnt further down the line.