You can convert it to standard DVD (mpeg2) and it will play as a standard dvd but it will be lower res, as regular dvd's don't support HDV. Blu-Ray can support HDV.

Quick answer: no

It does not matter where your video source came from, when putting it onto a standard DVD it will get converted down to a "standard definition" format and can be played by any DVD player. DVD is not an HD format, it will get dropped down to 720x480 resolution or equivalent.

If what you are planning to do is show off your HD footage on your nice HDTV, then you will of course need to shoot it on an HD camera (HDV is a lower quality consumer format of HD, though fine for your goals). If you want to use the BluRay format, you will need to purchase a BluRay disc burner, BluRay discs, and a BluRay player, very expensive pieces of hardware ($1000+ for it all)

However, there is another way! Many home entertainment systems currently allow HD video files (the kind that you would export out of your editing software) to be played directly off of USB-connected hard drives, a USB flash drive for example. Such systems that allow this are Xbox360, PS3, and many televisions. It is a very easy process, just export your movie as any popular video codec such as Xvid, Divx, H.264. Quicktime and AVI file formats support these codecs. Use default audio settings, uncompressed is fine, but popular compression codecs don't hurt (IMA 4:1 or AAC are good ones). Then copy the file to your USB drive, and plug it into the set-top-box. Xbox360 and PS3 have built-in video players that allow you to play the file.

Of course, you can always just export what you shot on your HDV camera onto a standard DVD. There is absolutely a difference in quality between video that was shot at an HD resolution and converted down to the DVD format versus shot at standard definition and converted to the DVD format. You would be able to tell the difference, and for the price you'd be a fool not to do so.

True HD is not HDV. It's technically not AVCHD either (the format most hard drive cameras use). In order of theoretical quality levels:

DV low HDV higher than DV but top quality lower than AVCHD - pros, easier to edit, must go on Blu-Ray to get full quality of HDV format. AVCHD highest quality (depends on camera though) but terribly difficult to use and edit. Also must go on Blu-Ray.

If this is your first "HD" camera, go with something that runs off of miniDV tapes and supports HDV.

The only silver plastics that can play HD or similar "better-than-SD" are BluRay and HD-DVD. If you want to edit a movie on one of the better movie standards you will need a player that supports those.

However, you can record in HD, edit in HD and bring it to SD (standard definition, NTSC/PAL) DVD.
This allowes you for example, to do a better digital zoom on the footage or other enhancements that usually "loose" some spacial resolution.

I have a Sony HDR-TG7VE camcorder which records HD video in AVCHD format.

Sony supply some pretty decent software with the camcorder which allows you to burn AVCHD to a DVD. You then need a compatible player to view this, not a normal DVD player. The PS3 can read these disks, blu-ray players as well I expect.

If you want to burn a DVD that can be played on normal DVD players then you'll need to transcode the video first. I'll post more when I come up with a good solution.