Panasonic HVX vs "Traditional" HD storage and workflow.

A guy I know just got a contract with some people with more money that brains and they are planning on shooting a kind of reality show thing on HD.
He wants to run out and buy 5 Panasonic HVX HD cameras to shoot this on. I, as an editor, think this is possibly a huge misstake and may cost more in the long run. I've never edited HD so I'm not sure of the logistics.
If he's shooting hours and hour and hours of footage, I'm thinking using tape and capturing footage for offline editing would be the way to go, allowing an editor to cut off a FW drive. For that matter, can HD be cut off a FW drive as easily as DVCPro 50? I'm guessing no way.
If he uses the HVX, is he stuck with editing online or can the HD footage downloaded from the memory cards be converted for offline editing with intact time code and such.
Besides the question of offline/online editing, is it cheaper to store footage on tape or on hard drives? And are there any other potential pitfalls that I haven't foreseen?
Thanks in advance.

As jim said, because of the short duration these record in, and the need to constantly be swapping, dumping them to P2 store or hard drive, then getting them back...it isn't condusive to a reality situation where you need ot follow the people, get the moments as they occur. The ability to record one full hour at a time is what is needed. The need to be "invisible" is needed...and it won't happen with a tech constantly running back and forth to the camera swapping out cards.
Plus you will have to store the MFX originals onto hard drives, then CONVERT them to Quicktime. You will have dozens of hard drives with just the MXF, then need more for the converted files.
Currently there is no way when you import the footage to tell what came from what camera. It is stored in the meta data, but that information isn't transferred when the footage in converted to Quicktime. The only way you can know is if the Tech lables the folders that he stores them on as A, B, C...but then you need to go back to the original folders and look for your clip to find out what camera it is. Unlike with tape where you instanly label it B002, or D013 or whathaveyou. And when you log and capture, that is something that you have at your disposal...so when a producer comes in and says "a great moment happened at 4:00 yesterday on the D camera. Lets look at it." With the tape method, you can do that easily. With the P2 method...that is a difficult task. One of the big drawbacks to the format...and something VITAL to reality TV.
Any time the camera is stopped, a new clip is made. So instead of being able to scrub thru a 15 minute chunk, you have to look at a dozen clips to find what you want.
If they want DVCPRO HD, they are going to have to hire four Varicams. If you are in LA and need to know where, I know a few places.
Shane

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