Personal Opinion time here. Get a Digital Camcorder (Either DV, or Digital8), firewire card, and a DVD burner (You can get these for like, $60 now). Total cost isn't really any more than a DVD-camcorder. That way you can edit the video before burning it to DVD. The tapes are re-usable, too, unlike the DVDs. Raw footage is a pain to watch. My wife and I boiled 4 hours of honeymoon footage down to a 1 hour video. Throw in some music/narration, and it's a lot better to watch than haivng our families sit through 4 hours of junk.
The DVDs won't be region encoded, either way.