right now it pretty much all depends on the look that you want to achieve and how much you want to spend. poor boyz generally use an arriflex 16mm you can get the same one they use for about $1200 but then there is film cause and telecine costs to worry about on top of that and worry about exposing it correctly, this of course takes a little more time to learn but is worth it. with the hd cameras i think the one that berman uses runs about $4000 but i could be wrong. now with that you need to have an editing program that can support hd (if you're spending that kind of cash im just goin to assume that you are able to afford an editing program) and with that you need to get hd-dvdr discs which im not sure if they are out or not. basically 16mm looks super sick, hd looks super sick, its just what you prefer, but if you are just shooting your friends, get like the panasonic dvx-100 or something even less.
If you want to achieve the "film" finished look, 16mm cameras are the way to go. With 16, as stated above, there's a lot of prep. and learning that goes into using the equipement and film. Not to mention the film is damned expensive. With HD, you can get a consumer level one (meaning 1 ccd) around 800, maybe less if you find the bargain prices. If you're not making a profession level video, don't go with either but try to find a 3ccd camera instead. Search the site for more information on this.
Ban All Noobs Campaign '06
Don't take away from me
The only fucking thing
That I learned to believe
I am becoming the monster
You promised to keep out of my way
Now I feel like he's living in me
16mm is film, HD is video. if you have a good light meter and know how to use the settings on your 16mm, you are set and can get good quality footage as long as you know how to handle a camera. Hd is another story. you need to know a shitload about all your settings to get a good picture. Just because you buy an HD camera doesnt mean you will get the quality you see in the level one teaser
L1P and MSP are not shooting on HD. They're shooting HDV. And the frame size for 1080i HDV is about a quarter the size of a 4K 16mm scanned frame size. Sure, you can create pretty good film looks for video, but in the long run HDV just doesn't offer as much detail to work with.