I too own an HVX-200 and can answer a couple of your questions about it. The "over/under cranking" Kerry is referring to is in regards to the HVX-200, not the Sony camera.
Overcranking is when the camera "shoves" more frames through for the same amount of time. So, the HVX-200 will allow you to film 60fps in 24fps mode (or 30)... meaning when you play it back you will get 2 1/2 times slow motion... really smooth... no stutters from post-production slow motion. For an example check outhttp://www.revostock.com/Stock-Video-Fo ... on-Man.htm
Undercranking is when the camera "shoves" fewer frames through for the same amount of time, resulting in faster then actual motion... aka. a timelapse. The HVX-200 can create some beautiful shots when you combine it's ability to undercrank along with it's syncro-scan shutter. The camera will allow you to go as low as 2fps. An example would be this...http://www.revostock.com/Stock-Video-Fo ... se-pan.htm
I would also recommend you watch what Barry Green, the HVX-200 guru, has to say about this topic...http://www.youtube.com/watch?v=DlCAA7CYTd4
Concerning the HVX-200, formats and tapes... you can only film SD footage unto tape... any HD footage must be recorded to the P2 cards. TheP2 workflow is different and takes a bit of getting used to, but once you do it would be pretty hard to go back to tape. The HVX-200 creates .MXF files which are pretty big and can become a challenge to archive. When filming at the highest resolution (1080) you are generally looking at 1gb per minute of footage.
I do really like no longer having to capture footage from tape. I simple plug in my camera (or, if using my laptop, plug the P2 card in) and transfer the files and begin editing immediately. It's so easy to delete clips in camera before you transfer files which will help keep storage space requirements down a bit.
I also like that, since each shot on the HVX-200 is a separate, unique file, it is easy for me to sort through and organize the footage, whether it's stock footage for Revostock, or multiple takes for a storyboarded video.
Kerry mentioned the length of time to convert .MXF to QuickTime... I can't comment on that. I use Adobe CS4 and the footage works smoothly in both Premiere Pro and After Effects. I also have used Adobe CS3 with the footage and had no problems so I can't comment on Kerry's experience there.
A couple things to keep in mind with the HVX-200... it is known to be a less than stellar performer in low-light. For me that's not too much of a problem because most of my work is storyboarded videos using lighting... but it can be frustrating when in an uncontrolled environment.
Also, the HVX-200 gives a softer, grainier, dare I say, nosier, footage than some other cameras (especially compared to the Sony EX1/3). Some people don't like it while others do... I personally like the look... it feels more filmic to me.
Overall I'm am very happy with my HVX-200.
Sorry for the long winded response... hope this helps some.