There are comments on camcorderinfo.com in the various camera reviews regarding AVCHD: mostly they still say that HDV produces better images with fewer compression artifacts, especially trailing "ghosts" on quick motion or panning. Right now it's AVCHD at about 17mbs vs HDV at 25mbs: more bits usually equals better quality, but YMMV as the AVCHD codec gets better.
Note that some AVCHD is now "true HD" at 1920x1080, rather than some older AVCHD and all HDV at 1440x1080 squeezed formats. The "true HD" may seem better at first glance, but they are compressing even more bits into 17mbs. You should shoot footage similar to what your project will be like and view them off the camera using good HD monitors and judge the quality for yourself.
Disk space considerations: yes, you need to comvert AVCHD to either AIC or ProRes 422, and the space for either is about the same. I like ProRes 422; HDV can be edited natively, but you pay a performance penalty both in responsiveness during editing, real time effect previewing, and after editing for "conforming" for export for use in DVD SP, for example. So, even with HDV, I import to ProRes 422, to improve editing performance and to eliminate the "conforming" step. My G5 Quad imports HDV to ProRes 422 (NOT HQ, but I shoot and import at 1080p30; 1080i60 will work the same, I just like 30p) in real time. Some machine may fall behind, so try it out.
Eddie O