I went to film school at NYU, and I have an HVX. In my opinion, you don't need either to be a successful filmmaker. Both cost a lot of money, and you're probably better off spending that on your films, imo. Get a decent firewire DV camera (save by getting a used one), a Mac with Final Cut (or a PC with Premiere if you must [shudder]), a mic, an inexpensive tripod with a fluid head, a couple of lights if you want, a copy of Final Draft, and maybe a Netflix account. Then check out some books like Film Directing, Cinematic Motion; and Film Directing, Shot by Shot. Go to the library. Watch the classics and pick them apart with the pause button.
Learn how to tell stories through WRITING, ACTING and EDITING. Do loads of experiments, try doing the same scene three different ways. Try different genres. People get too hung up on the tech side of filmmaking, and it really more about ideas, people, style, emotions, design, choices.
Maybe it's not as sexy as getting the hot camera (and yes, the HVX is sweet) but you'll know that your training yourself in fundamentals rather than just throwing money at a tool. You have to be like a KungFu disciple and become unstoppable by punching a bag of rice 5000 times a day.
Shooting 16 is a huge waste of money at your stage. If you have that kind of money to burn you should put it in a retirement fund, not give it to the lab. If you want to learn how to shoot film, shoot 35mm stills. Shoot tests. Try differnt film stocks. Bracket your exposures, play with depth of field, shoot narratives using stills. (this is what they make you do at NYU ayway)
If you want to be a cinematographer, try to get a job as an apprentice in a camera dept. I don't know if people are making films where you live, but there are always people looking for free or cheap help in indy projects. You'll learn more about what to do and what not to do on a few sets than you will in a semester of film school, trust me.
Here's a money saving tip that it took me way too long to learn: You'll get more production value from a couple of good looking actors than from a good shot any day. You can film a beautiful actor with a crappy camera and she's still beautiful. You can film a ho-hum looking actor with the most elaborate set up, and they won't look much better than ho-hum. Why do you think movie stars are more attractive than average?