You will import and edit as DV or an uncompressed AVI-DV.
Generally, your life will not suck with a reasonable computer and pro-software.
Your computer will need:
Firewire, to connect to DV or HDV cameras
TBS of drive space, at 13 gigs/hour drives fill up fast. I have 2TB on a RAID0 and I still have to keep up on maintenance.
RAM- at least 12GB, 16 works well for me
As much processor as you can afford (i7 quad core, 8 thread...very nice)
And a reasonable 1 gb video card or better is helpful.
A Solid State OS drive is ideal and still keeps they system under $2000.
Then for editing there are a lot of choices. Especially if you are a student, it is hard to beat Adobe's student pricing. Avid if you are already generating income, or stick with your favorite consumer software until to find yourself needing more.
EDIT1: You appear to be confused by the different formats. The "D" in DV, HDV, and the media they are typically recorded to MiniDv tape stands for "Digital"! This is digital editing. There are external hard drive video recorders you can attach to MiniDv cameras but they are a little spendy. The data rate demands a high performance drive. Most people capture the video on tape, which is a huge benefit for archiving, BTW, then using either a deck or the camera, they upload it to an editing computer. Once uploaded, it is non-linear editing and speed limited only by your hardware. If you do a bunch of editing, the external video drive might pay off, otherwise yes, you will have to wait an hour to capture an hour worth of video. You can edit this with WMM if you want.
If there were no noticeable difference, pros would not pay $8000 and up for the true HDV cameras. Footage from my old knockabout GL-2 looks far better than any Consumer HD. While I only have 720 X 480 standard def, I am collecting 13 gigs of video data for every hour. The best HD quality collects 11 gigs for a 1920 X 1080 frame size. That's 20% less data for 600% more screen. This is why my video can up-convert and be sharper and more vibrant than native HD. On a large screen or TV, I am the equivalent of a 36:1 compression, still far less compressed than the 200:1 used by so called "HD". ANd with native, true HDV it will look like you can walk into your scenes.
Also, the 5D Mark II is an excellent still camera, it is no better than what you are currently using for video though. It is better than nothing, but will show it's limitations, including limited file size (4 gigs max) , rapidly. At least the 5D gives you good lens and CCD, but AVCHD is a crappy format and makes little difference if it is in MOV, or MPEG, it is all the same 200:1 compression H.264.
The XH-a1s is a fine camera, and as soon as I can find a used one for about $2000 I'll likely have one.