Am I incorrect in assuming that you could achieve acceptable rates using a 5+ HDD RAID array? I'm not quite sure I understand the reason behind a $17k piece of equipment that (appears) to do the same thing that a RAID based PC could do for a fraction of the cost.

Not at all. You can use the Cineform codec just like with the Wafian. You can also use ProRess, DVCPROHD, Photojpeg or Sheervideo on the Apple which gives you much less then uncompressed datarates. On the PC side of the Intensity card you can use the jpeg codec which isn't as perfect as Cineform but is a heck of a lot better then HDV for hard to compress scenes. Just because the camera pumps out a uncompressed signal doesn't mean it has to be recorded as uncompressed. In fact compared to Cineform (the full 1920x1080 version) uncompressed is really a waste.

What kind of movie is this going to be? mpeg2 codecs depend on how complex the scenes are. If this is a slow paced drama then XDCAMHD will be more then enough for perfect quality. Even HDV itself only really starts to fall apart with very fast and complex scenes. XDCAMHD has that extra chunk of bits to help out even some of the most demanding situations. 24 movies tend to compress a lot better then live shot material because usually the camera is on a tripod or a steadycam of some sort. Many times the camera itself may not move at all which makes the compression very easy. Even an action movie may be ok with XDCAMHD although sometimes you may notice a few blocks during explosions or photograph flashes or strobe lights ect...

If the project is a drama or comedy or something that isn't super complex and fast paced the live capture to lightly compressed or uncompressed may be a little overkill.

What I may suggest doing for your test shots in October is maybe rent one of the current XDCAMHD cameras to see how well the codec works out for your material. If it holds up very well and will be more then enough for you to work with then you can think about getting the XDCAM EX when it comes out. During this time you can even bring along your V1 to see how it compares to XDCAMHD. At that point you may even be able to rent the EX itself to compare to the V1. Nobody will be able to tell you better about how well each camera will work for your project then you yourself could.

Our film is primarily a drama, so fast motion is very limited. I think the EX will probably be my choice since the 24p is implemented better than the V1 (unless FCS2 adds the pulldown feature). I don't forsee much post adjustments other than color correction (there aren't any special effects requirements). I also think that the EX would have better light sensitivity given the light loss from the M2. If the EX isn't out, I may go the rental route.