Yes, a bit, how much varies.
When you render all your video gets squeezed through the codec again, the more times through the more the quality is reduced.
However with the DV codec this is very small, anything below 5 times should be fine, and I think sony claim thier dv codec is good for 20 plus.
Highly compressed codecs should never be rerendered, they will really suffer.
If you are the perfectionist paranoid type like me then you might considor using the huff lossless codec for mid project renders. As good as uncompressed but a third (ish) the size and edits fine in most NLEs.
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