Since it's a low-end MPEG based camera the image quality is going to be lacking compared to MiniDV and it's going to be a pain in the butt to edit with (you'll have to transcode the footage into a usable format for iMovie or Final Cut). Also, how are you going to store footage for the long term?
Honestly, I would cancel the order/return the camera and look at getting a MiniDV camera instead.
Lethal