true but watching both on my 720p projection system the HDV (HC9 HV30) looks slightly (very slightly) cleaner than the AVCHD (SR12), especially than the cheaper SR10. In specs the SR10 looked like a real gem. On screen it almost didn't look like HD. I'm always more interested in practice than theory.
720p is not full 1080. That said, just like megapixel hype on digital cameras, there's lot more to perceived image quality than number of pixels (e.g., image sensor, compression algorithm/bitrate, and lens). Nevertheless, it is still wrong to call HDV full 1080. With just about every new flat screen TV models sporting 1080p, I can see why many are drawn to "full 1080", however.
HV30 has 2 main advantages: (1) larger image sensor (1/2.7" vs. 1/3" on SR12, 1/3.2" on HF10/100, and puny 1/5" on SR10) and (2) lower resolution (1440 by 1080 vs 1920 by 1080) combined with higher maximum bitrate (25 Mbps vs. 16 Mbps on SR10/12 and 17 Mbps on HF10/100) -- giving it more room for each frame.
Although AVCHD (MPEG-4 H.264) is more efficient than HDV (MPEG-2), it is computationally intensive. Canon's new HF11 should bridge the gap with 24 Mbps maximum bitrate but Mac users are still faced with lack of native AVCHD editors and playback applications. With hard disks becoming cheaper and cheaper (about $250 for 1 TB FireWire hard disk), it isn't that difficult to create redundant AVCHD backup ($180 1 TB USB disk should be sufficient). Although some claim MiniDV tapes to be more durable than hard disk, I have experienced many tape failures and not having redundant backup is asking for trouble.