Hi RuskinRules
You really did but a Mac unfriendly camera. iM6 is a much better video editor. Unfortunately, it's an Apple orphan. It's no longer supported. iM 08/09 is not for serious editing. It's meant for the Youtube crowd -- a few clips unloaded to youtube, no really special editing or features.
iM 6 is a DV & HDV editor. DV takes about 13 GB per Hr and HDV about double 26 GB/Hr and is dependent on Firewire.
Unfortunately your camera is ADVCHD, MPEG 2. It does not support Firewire. Even if you could get it loaded in iM6 you'd still need to convert the video to DV or HDV. So, unless you can convert the codec using MPEG Streamclip(
http://www.squared5.com/), your out of luck! It is free, but you'll need Apple's MPEG playback component (
http://store.apple.com/us/product/D2187Z/A ). It costs about $20.00 US. It is a useful tool for your video tool kit.
The price for external Hard Drives have come way down. You can get 1TB for $200. It a good idea to store your video on external drives. The problem with backing up to a DVD is that you are compressing the video to another codec to get it on the DVD MPEG 2. Then if you need to use that video footage again, you have to decompress it to a format that can be edited. All the compression/decompression reduces the video quality. Also the DVDs themselves can get scratched or compromised in other ways that could render it unreadable. Having the video on an Ex HD in it's raw form is better.
Ideally, you'd like to export the video to tape. Tape is much higher quality these days and easy to store. It's also cheap. It's redundant, but if you have it on Ex HD and on tape you'll have the video of your son forever. And it'll be editable for all those occasions where you need that clip.
You may need to buy a new camera (or not). I have the HDR HC1. It works fine for my needs. Alternatively, you could see if your local library or high school has up to date video equipment. If they do you could perhaps borrow it. That would give you an opportunity to try before you buy.
Keep the forum posted on you video adventure.
Carl