DVX100 or Sony HDR-HC5

depends what you think the "best" is

the dvx has a very film like look and can be tweaked to look almost exactly how you want it to, the control on the picture within camera will be alot better on the dvx

with your handycam, it shoots hd which is a higher resolution, but it will look very video, like it was shot with a handycam instead of with film

so it depends what you like more and i guess what your going to output as

the only handycam ive seen used instead of a dvx is the canon hv20 and hv30

but if you want more picture control and more manual settings to change, more framerates and different ways to output your video like a film-out

then dvx is the better choice

id pick the dvx anytime, unless the choices were a prosumer hd camera like the hvx, A1, hmc, or hpx
 
I think it also depends on what you'll be shooting. HDV uses MPEG compression (a very bad idea for source material in my view), and can suffer from some very noticeable MPEG artifacts under certain conditions, such as high action or quick camera movements.
 
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