Hey jeb,
Mostly rumors and a few posts. Of course there is the issue of wearing out heads and motors, but I saw a post somewhere from a guy who had my same camera (Sony TRV27) who used it to pass through video and the thing simply burned out on him. He had it repaired under warranty, but was told not to use it as a pass through device - "it just isn't built for that."
All of this got me thinking about buying a mini-dv deck, but they have their problems too and the only reliable one seems to be those made by Sony - yet they cost more than the darn camera! At the same time, nobody I know is able to tell me why a $1000 deck won't get burned out in the same way - heads and motors in particular. The second camcorder idea is something a lot of people do as well. Since I have a mini-dv, I would like to use a second mini-dv for capture, but you can't really find a mini-dv camcorder for less than $500. So, do I want to spend $500 to avoid wasting my $800 camera? Doesn't sound like a good move to me!
I wonder how many new Mac video iMovie users will end up toasting their camcorders? I'm not saying this is Apple's fault, but it would be nice if they mentioned this somewhere in iMovie instructions/docs. Even though I use FCP, iMovie has a very nice "capture now" feature and my method of avoiding the ruin of my camera is to just capture my entire tape via iMovie and edit out clips in FCP (I also have a $30 tape rewinder that helps a lot). However, I happen to have more hard drive space than your average new Mac owner.