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Can you explain what you mean by "awful"? Do you mean the resolution is poor, or it skips frames, or . . . ?
 
what hard drive is the footage located on? are you using iMovie, FCE, or FCP?

2gb shouldn't be terrible for playing back HDV. I highly doubt that's the issue (unless you are running a lot of other programs at the same time).
 
Also, what codec did you capture into - Apple HDV, Intermediate Codec, ProRes? Did you change any of the settings after the Easy Setup?
 
is the drive connected with USB? 'cuz that's a giant No-No and one of the most common causes of dropping frames. also, how much room is left on the drive?

only connect the drive with FW and make sure there's plenty of room (at least 15-20% free at all times).
 
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