If you use it only in DV mode, then you might as well have bought a miniDV or Digital-8 camcorder.
If you import the HDV footage into iMovie and edit it, you can then export it back to the camcorder - after editing - and play it, from the camcorder, in high-definition, straight into a high-def TV ..no need for DVDs.
When hi-def DVD burners do eventually arrive, and HD compatibility is added to iDVD, you'll then be able to re-import your edited tape(s) and burn to DVD, using iDVD, if you want to.
Of course, it may be a while before anyone buys HD/Blu-ray DVD
players to play your DVDs!
But edited HDV, played from a camcorder back to an HDTV, looks great!