I am wondering what the pro's and con's might be of being able to utilize the "IC" or memory function on the more expensive DV tapes. In reading through the GL2 manual, I noticed that it does not support the use of the memory chips on the tape. Is this a big deal? Should I be concerned about this?
Any info on this would be appreciated.

(note that I searched for this topic before posting and didn't find any specific discussions about this feature, or lack thereof on the GL2.)

The IC chips store information about time, date and camera settings, but only functions with Sony cameras. I'm not too sure about the GL2 but I know the XL1 stores this info in the video stream. I guess the GLs would do the same.

You are correct, Adrian. The GL2 functions the same as the XL1s in this regard. Purchasing chipped-tapes for Canon cameras would be a waste of money.