Solid state cameras are where it's at these days. Gone is the hassle with tape and its laborious real-time transfer speeds. With a memory card the encoding is done right in the camera and all you have to do is copy the resulting file. It's a great system that is the current standard right now, even in very inexpensive cameras.
Cheesycam is a great blog for DSLR DIY and alerts us to some great deals we can all use. Recently, they've been posting about the 32gb Transcend Class 10 SDHC memory card, a deal at B&H for $63.46. The "class" refers to the write speed, but I wonder what the actual advantage is. I've been using a 32gb Kingston Class 4 for a few years now (it gives me about 3 hours at the full bitrate on my Canon HFS100) and have never had a problem with the speed the video data gets to the card.
There is a 32gb Lexar model that is a dollar cheaper and uses the regular Class 4 speed. I'm not sure if Class 10 is really that much better or just a numbers game by the manufacturer ("10 is 2.5 times better than 4!"), so you might want to save a buck. Of course, getting a Class 10 may future-proof your cards for use in more modern cameras, but I guess only time will tell.