Yep, you've got it Richard. Quality is identical between DV and DVCAM, visually and aurally -- exactly the same. The two big things that separate the two are the locked audio issue, and that DVCAM uses more tape to more-reliably record the signal.
As for the tape and dropouts...the cheapest DVCAM tape is not as bad as the cheapest miniDV tape. In other words, tape manufacturers offer lower-quality tape in mini shells than in the large shells labeled for DVCAM. If you shoot miniDV on good tape -- tape meant for HDV is made to a higher standard (like Sony's PHDVM-63DM Digital Master), dropouts will pretty much be a thing of the past (
*disclaimer* I make no guarantees, so don't hold my feet to the fire! 😉 ). But in my experience, those DM tapes are exponentially better than those $3.00 Walmart tapes when shooting miniDV (that's like 2.50 for you chaps across the pond, right?).
HDV requires good tape to reduce the chance for dropouts, since it uses intER-frame compression with a GOP length of half a second (and over here we have a 25% higher risk for dropouts with a GOP of 15). If these GOPs look a little familiar, they are also implemented in DVD production, but that's another forum.
The HDVvDV/DVCAM issue is all about drop out and the '12 frame GOP'
Yep, that about sums it up.
tim