Many here recommend converting HDV to ProRes which can be done during capture,but with the penalty of losing original timecode. (search for Chris Poisson’s tutorial here at the COW).
That said, I have done many docos that were captured and edited as HDV codec without any real issues. The final grade in Color ends up rendering the grade as ProRes so at the time it matters, a better codec with 10 bit resolution is used.
So there is no real difference in terms of codec conversions. The big question is whether you prefer the archive method of backup drives versus tape. The other issue for me would be which camera has the best features, lenses and ergonomics.
Workflow, although different, is solid for either format.