Depending on your pc and how complex the video it may be easiest to edit the HDV footage, and then just render it as SD using a dvd mpeg 2 template.

HDV is a consumer format, it appears to have been formualted for pixel whores ( no offence )

People are sold by the pixel count but the data rate of HDV is actually LESS then DV and in many applications this can become the factor that dominates picture quality.

HD uses a less complex and more 'editable' data structure more durable and uses bit rates as high as 400 mb/s - HDV is only 17.

Many considor this a triumph of marketing over sense and consequently HDV hasnt really taken off amongst professional users and manufacturers are producing 'prosumer' cameras that record at higher bit rates to adress this.

Sadly many so called hdv cameras lack the optivcs, block and decent electronics to even take advantage of HDV and produce outpuit no better than SD DV.

IMHO something like the v1 is needed to exploit the potential advantages of the HDV format over DV.