From my research, the flash memory is easier on battery life. The HDD gives you more recording space. I also think the compression on flash is tuff, not 100% sure tho. I was told for editing purpose the list goes HDV, HDD then Flash. But flash has to be the easiest and safer of the two. I only use miniDV now, and will be making the move to HDV very shortly. Also there is a correction, the SR-12 HDD doesn't match the HDV in recording speed. HDV is 25Mbps, the SR-12 I think was 16Mbps, and the new Canon I think was 22 or 24 Mbps.
Don't hold to any of that to strongly, I am also searching like you. So its all of the top of my head. Just remember, if you go HDD, make sure you capture your videos as sson as you safely can. You don't want to put your entire vacation on your HDD and then something goes wrong and you loose it all. The Flash cards carry a few extra and just swap them out.
Good Luck!