Alright well, let me begin to ramble on here...
I got my first camcorder, VHS-C, for fifth grade. Then I got an 8mm, and later a Digital8. I currently go to Hunter College for Film, and work for CUNY doing video editing with higher end camcorders and DVD authoring.
That being said, I don't really want to go on making feature length films... I'm not exactly sure what I'd like yet really. I think I'd be more happy in the future doing documentaries, sitcoms, or possibly even broadcasting... many have suggested I go into broadcasting.
I have an old but workhorse camcorder, the Sony DCR-TRV310. I'd like to get the new Sony HDRFX1, but it's $3500... (
http://www.amazon.com/exec/obidos/t...id=I3ONPPRAUL67V7&v=glance&colid=6VHWLFFX0TRD)
Right now everything I shoot is basically for fun, with very minimal planning. I started out with my camcorder taping my own wrestling league matches with friends, then video yearbooks to compete with the A/V squad in middle school because the teacher who ran it was an asshole, and I also put together short little talk shows and movies at the Saturday program at my middle school as well, which was a magnet school. I eventually started making little things like Metal Cow Solid, Sad TV skits, The Corrugator, Problem Resolvers series, etc.
Every time I seem to write something, it never gets taped, even though those who see it love the script. So I just don't bother. Part of this is because my immediate friends aren't dedicated enough to tape stuff, they really just want to have a fun day, and if it isn't finished at the end of the day, it never will be. (i.e. The Corrugator)
In the end, jump into making short films and have fun. You don't need all sorts of expensive equipment if you're starting out, or just trying to see how things work. I still don't have expensive equipment... now of course if I managed to get my friends to dedicate themselves to filming a thirty minute or longer movie, I'd buy an expensive camera... but until then, my old Digital8 is doing fine.
Also keep in mind about a minute of decent to good footage could take up to an hour to shoot if you want lots of quick cutting. It takes a lot of time and patience. For reference, The Corrugator took about three hours to shoot for 4min 30sec, and Metal Cow Solid 2 took about three hours for three minutes, but that's mainly because it involved stuffed animal cows.
For editing on a Mac, of course use Final Cut. For the PC, use Adobe Premiere Pro.
Film vs. Digital... well I'm going to have to start shooting on film in about two semesters at Hunter... until then no, I've had no experience doing it. I really don't have a desire to shoot film when I can easily shoot digital either, but maybe I'll fall in love with film when the time comes.
One of your biggest obstacles will be getting good sound. Get a good tripod or somebody with a steady hand to avoid hand creaks and similar noises if you can't get sound from a source other than the internal camera mic.
Also, I don't know your friends, but don't assume you're going to get something lengthy done unless everyone is really dedicated. It'll usually end in disappointment. You might want to start off doing shorter things, especially in the begining to test ideas out, cinematography, sound, editing techniques, and then expand on them.
For a Microsoft Word screenplay template, download this:
http://www.goodcowfilms.com/web/BLANK SCREENPLAY WITH TEMPLATE.doc
To view some of my short films:
http://www.goodcowfilms.com/films/
If you have anything specific to ask, feel free.