Yes.

You can let the camera do the conversion, but Spot has mentioned that Vegas seems to a better job of the conversion.

What you can do is create a folder called DV_project01 and put all your DV footage there. Then later if you need to import the HDV, you can rename this folder to oldDV_project01. This way the veg will not find the file when it opens up and will ask you to recapture or specify replacement files for the missing media. This should take care of it.

I'm assuming that you can recapture the HDV as HDV and timecode will match up with the DV version. Since I have not done that, that is just an assumption.

Or you can do what Spot just posted.

But wont my meager 1.8 ghz proc. and 512 ram be brought to its feeble knees usuing the HD intermeadiary before I render to DV?
This is all just thoughts I am having ,cuz I know if I crack the nut for the Cam. a new computer will be a ways away.But the way I figure it , is this cam will be the first pro-type cam I'll be purchasing(yes I know the FX-1 is listed as a consumer cam). But it will be a long time till I can afford another, until my business gets off the ground, and I want the future expandability of having both 16X9format and HDV.
At the very least I can shoot and edit DV until I can upgrade my PC.
If I am to be trying to improve my skills in both lighting, framing of shots(for 16x9), and shoting for HD in the future, best to learn that now.
So this is all part of the brainstorming I'm going thru.
I'm sure many of more answers to these questions will be answered in the Vasst HDV book that I have coming.

It won't be as bad as you think. On my old 2.4 gig laptop, I was regularly doing HDV to SD (never successful with HD intermediary with any editing fun) and it ran 29.97 most of the time. I also have 1 gig of RAM in that machine though. I can't imagine the pain of only 512. RAM is cheap, dude!
Look, the FX1 is a GREAT camera. I'd own one if I didn't need some of the Z1 features. I almost bought one last week because there are good prices on them right now, I think dealers are anticipating the Z1 rush.
IF you are in the market for a new cam, then the FX1 is the only way to go right now, IMO. If you're thinking about buying a new cam because it's HDV....I'd have to think twice, only because you're buying a cam before you need one.

epirb, you are in the position of putting the cart somewhat before the horse. Yes a meager 1.8ghz processor puts you in a bad shape regarding HDV.

You can just shoot DV with the cam until you scrape the together the $ to get a new machine.

Since you are already about to make a big purchase, you may just bite the bullet add about another $800 to upgrade to a new machine. I just went to the Dell outlet, you can get a 3.2ghz machine with 1 gig of RAM and an 80 gig hard driver for $650 without a monitor.

All good thoughts Spot, my one problem is my Dell uses RDR eec ram, the stuff thats not too cheap. another 512 would cost me more than most pay for a gig of pc800 and such. So I could change the MB and the ram etc. or just get a new PC anyway with better expand than this one has anyway.

In terms of the cam,
>If you're thinking about buying a new cam because it's HDV....I'd have to think twice, only because you're buying a cam before you need one. <
I assume you mean before I need HD, that I know, but I feel I need a better cam than what I have now, a medium consumer Sony, to achieve better shots, ie: more manual adj. etc. and if I'm gonna buy a better cam, (previuosly considering the 100a or a VX2100) why not gat one that has the HD capability, plus the true 16x9 format is what I really prefer shooting in.(you sort of know my project and its intended audience, and virtually all of the Yachts, have 16x9 plasmas and Lcds.) even if its not HD now.
Thats kinda how I was figuring it. I'm still giving it ALL serious thought though.

Buster,
yep I'm considering something like that too, thanks for your advice as well.

Just to see I downloaded the Mt2 file on the Vasst site, installed the Connect HD trial, then prerendered to the 1080 60i intermediate setting. the prerendered file plays at about 15 fps on my machine.
before rendeing about 1-3 fps, thats probably about what I should expect if I use the current setup I guess. Food 4 Thought.

But man what a picture!!!!! , Zooming in like SPot suggests just to look at the resolution.........was that a sand flee I saw jump on to his leg? :)