HVX can be good for weddings, just depends on your customers.. How will you be delivering your finished product? Unless they want it letterboxed, or until they buy an HD DVD or Blu-Ray Player, you're going to run into this.. Using the SD mode is very nice... I just shot a wedding using HVX in HD for certain specific shots (B-Roll and Cutaway). These shots will be letterboxed among the SD footage.. Shot mostly in SD to mini DV... We also had a DVX and PD-170 steadycam and 2 roving sony DSR somthings... HVX is a way to go, but is not completely necessary.. DVXs are nice.. Depends on what you're lookin for... and your clientelle IMO...
We use an HVX for weddings, and shoot everything in Highdef (720p) to an addon external harddrive, but we give them a finalized normal DVD (SD) which looks great when you downconvert to SD from HD, but we also make a HD master DVD so later our clients can call us up and say, "Hey we have an HD TV and player now, can we get a HD copy of our video?"...Well, already got it ready.
We are currently charging $100 (for 4 HD copies) when they call us and want the HD version, and the brides seem to love that option because they will be able to watch their wedding DVD longer into the future with a HD DVD, while still having the old regular DVD to take to friends families houses that dont have HD
But on a sidenote, getting an HVX and shopoting in SD is kind of a waste of the camera. I would get a Canon XL2, Canon GL2 or DVX100B if you want to just shoot SD for weddings, and not offer them the HD option later.