I shoot in HDV on a daily basis. I used to shoot DVC100 or Varicam HD, but I left that job for this one.
HDV looks moves and reads on the screen like total garbage. I can't stand how it looks. Now when I watch my HD broadcast at home, that image looks great. It could be my shooting, or it could be the fact that the JVC HD gy10u is crap.
Although it pains me to say this, I can't give a verdict yet on HDV. I have shot with the Cinealta and it looks amazing as does the Varicam. Those are both well built cameras with incredible pieces of glass. Until an EFP/ENG HDV camera comes out the verdict is out on this format.
HD is a buzz word right now. Everyone is slinging it around. HD is defined by lines of resolution. Same thing as NTSC. Frame rate, compression, or "quality" have nothing to do with HD.