Success!
I was finally able to connect my two up, though I'm still having trouble importing pics in, but that too shall be solved soon.
I downloaded some drivers (google JVC, service) but I don't know if that did much help. However, a little piece of advice there (and at the digital video forum ar macuser.org.sg) led to Nirvana.
Certain software/hardware is unable to recognize a JVC camcorder without digital signal being transmitted. To correct this, you can play the tape in the camcorder for a few seconds with digital connection already in place. This should help the computer software recognize that there is a camcorder connected. Any JVC digital camera released in 2000 or later equipped with a IEEE 1394 connection is capable of sending & receiving a signal from Macintosh computers with the latest firmware/software patches installed.
I did just that, let it play for a few seconds and volia! iMovie importing just fine.
Hope that helps some.