Well, there are a lot of directions you could go here...and many have already been suggested. Take heart...this is not necessarily going to cost you an arm and a leg and you definately don't HAVE to go out and buy a mac and $1300 worth of software to "do it right". There are plenty of pro editors editing on PCs using state of the art tools...either will work great. You stated that you are new to video...so take it a step at a time.
First, as was stated...its not really mainstream yet to burn HD discs. The two standards right now for commercial HD content is Blu-Ray and HD DVD; both are expensive to author right now (from a hardware AND software perspective). Unless you really, really need it, I'd suggest waiting on this...it will get cheap. As stated, there are other ways to display HD Video...for starters, you can do it directly from your laptop, directly from your camcorder (output your finished product to a new tape), or from a home theater PC or something of that sort.
Second, about the editing software. There are lot's of good options. I personally like Sony Vegas, but that's me. Unfortunately, it's a bit expensive. Luckily, if you want to keep the price down, there is a consumer version called Sony Vegas Movie Studio Platinum (
http://www.sonystyle.com/is-bin/INT...tSKU=SPVMS7000CN&CP=sony_search_seo&HQS=vegas) that will happily edit HD video. Also, as mentioned, Avid will do the same, but again, will cost quite a bit. Movie studio is only around $120 list...so it won't break the bank. I believe that Pinnacle has a decent entry level HD-capable editor as well.
One additional note...as for editing HD requiring a massive CPU, that's not necessarily true...it greatly depends on the codecs and the editors used. If performance becomes a problem, you can always use an intermediate codec (just a less CPU intensive, low lossy format to convert your m2t files to before editing). This usually taxes your hard drive a little more, but can get around your CPU limitations. Its also time consuming. That said, the NLE (non linear editor...the software) makes a big difference. Case in point, in Vegas 6, editing m2t files directly required massive hardware...when Sony release Vegas 7, they had greatly improved the response...and even on an older laptop, I'm now able to edit the m2t directly with no intermediate format (this presents other problems that I won't go into, but Vegas tends to try to mask these issues as well). So, what I'm saying is, it doesn't necessarily require really heavy hitter hardware to edit HD, although it can help.
Lastly, my main advice would be to try these out. Most vendors allow a trial...check out what Sony, Adobe, Avid, Pinnacle, etc., have to offer, try them out, and make your decision from there. Again, my wallet vote has been to Vegas for the past 6 years...but that's what works for me.
Good luck.
Bill~