Why do you want to continue making VCD's? They were fine a few years ago when editing started and we had no recordable DVD's or they were too expensive if you could get your hands on them, also the quality on a VCD is probably less than VHS. I don't use Pinnacle myself, I prefer other video editors, you should go onto their respective websites and download a 30 day trial version of each one and see which one you like before buying the full product.
When someone uses the words editing and HD camcorders in a sentence, I steer them away in the opposite direction towards Mini DV camcorders, they are much easier to use in the long term especially when it comes to getting video off the tape and onto the computer hard disk. Believe me you will thank us in the next few months, I don't use a hi def camcorder either and then there is the whole debate about whether you are really getting hi def or something masquerading as hi def, stick with Mini DV and you won't be disappointed as far as picture quality is concerned. I would look at a 3CCD camcorder as any physical device inside a camcorder that improves picture quality is no bad thing, even if it is only by a small amount, something is better than nothing.
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Better than a poke in the eye with a pointy stick any day...
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