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You can do time lapse if you have iMovie HD as well...
the best way is to plug your dvx into a laptop and use a program that can interval record
for pc - lots of people recommend onlocation by adobe
and for mac -i think dvmonitor pro does this
then you wont kill the heads of your dvx filming a time lapse
edit: oh and remember to hit the record button through the laptop
the dvx is picky about that ive heard