From what I understand, the HDV codec is very difficult to edit. I’ve been told that it is best to convert HDV captured material to a different codec before editing to avoid terrible render times.
Go to DVDxDV.com and they have a program called HDVxDV that can capture HDV into a number of different professional codecs. Also you can find out more info about the HDV codec and why it is best not to edit it natively on Ken Stone’s Final Cut Pro site.
Andrew
PS: I’ve used FCP, Avid, Discreet Edit*, Premiere, & Media 100. At the end of the day they all do the same thing, it all just depends on what you need to do and which one you are most comforable with.