Why do people like tapes? I don't want to start another tape habit, and I don't want to carry the things around. Since I am only interested in digital, then the quality of tape or HDD is only a matter of compression right?
Well it is a matter of compression and the least compressed domestic format is DV, in fact for domestic SDTV you will not get better results from anything else but DV or MiniDV.
Where 1 is a digital signal of particular resolution
DV is 5:1 compression, full bit rate DVD is 17:1
As to tapes - once you have one that is your master copy, tape is still an extrememly stable storage medium for long term storage, I have played back 21 year tapes this year and they were fine (OK they were Beta but see what I mean).
As to storing them a 64 minute tape is smaller than my spare battery and is also portable, when it is full I just drop another in, you can buy them anywhere, they are a standard.
There is only one drawback with MiniDV and that is getting the data from the camera to the PC is a real time process not 4x or similar.
Now to a clincher.
On holiday for two weeks you have had a great time and near the end you run out of hard disk space - what do you do? You are already comprimising on picture quality, dropping quality down more will get more but the picture will be worse.
BTW DV tapes are roughly the size of a Beta cassette but thinner and are very rare, you get 3hour or 4.5 hour LP on a tape, MiniDV is a small tape version.
However do notice that the hobbyist camera users on this site - ie Me, CraigR, X25XE and Robin Hood all use MiniDV.
We recommend it for a reason!
Why not more compression, well quite simply encoding is best done variable bit rate multi pass on a computer of some form. The best real time encoders are owned by the broadcasters such as the BBC and they struggle quite often on broadcast material.
If you want a shock, play back a recorded off ITV1 programme in slow motion and see the artifacting, my wife watched Xfactor and that was very poor indeed (PQ as well as programme), this is assuming a PVR. The encoders in MPEG encoding cameras are not that good!
Now I found that 2 pass VBR on best settings on my PC took around 20 hours for 90 minute source, that was what I am prepared to do to get the best out of old video tapes especially when selling.
So just have a play with a few different cameras and read up on the PQ differences, also do not automatically dismiss MiniDV, they are popular for VERY good reasons.