I have shot a lot music video on Hi8mm and Mini DV - the last one I shot was on an XL1s Canon - You can see it on MTV2.com:
Goto:
http://www.mtv.com/bands/az/damageplan/artist.jhtml
Select: Breathing New Life
Choose: Your format and download speed.
The video was done for the cheap and got a world premiere on Headbanger's Ball - also played for several months and was listed as one of the best metal videos of the new millenium (so far).
Videos can definately be done for a shoestring and get played - that video helped sell a lot of records - it's simple and the band rocks - no frills got the job done. Just try to deliver quality even though it isn't a big budget production.
p.s. I'm for hire!!!
p.s.s - make sure you know what you are doing with the blue screen - especially shooting with dv - most don't recommend it because the resolution is too loose for key. The are plug-ins made to help get it done with in after effects for DV.