HDV uses interframe compression (it's MPEG-2 video) whereas AIC uses intraframe compression like DV.
With MPEG-2, frames are compressed together into GOPs (groups of pictures). This allows motion to be compressed - for example, in a shot with a ball moving across a static background, the background will get compressed and only the ball has to be updated each frame. The result is much better compression but also much greater difficulty in editing since each frame depends on what comes before and after it - if you edit one frame it affects its neighbors etc.
With AIC, each frame is compressed one-by-one and independent of any other. This makes for much easier editing at the expense of lower compression ratios and larger file sizes. The goal of AIC is to make HDV easy to edit while affecting picture quality as minimally as possible.