What happens depends on a few things. For best results, what you need to do is go into your project properties and choose your deinterlace method. If you have a lot of motion (and you probably do), choose "interpolate fields." If you don't, then choose "blend fields."
Using "interpolate fields," you'll lose up to half your vertical resolution -- but this will be better than using "blend fields" in footage with motion, because if you do it that way, you'll get ghosting around any moving objects.
But at DV resolution, the vertical resolution loss isn't that bad.
And now I play the waiting game... there is a virus on my 2500$ comp, and I can literally no longer open My Computer, or Explore, or My Documents, or Control Panel. Pretty much no important folders work. So until then, I cant watch my video.
If you're planning on it being watched, then use 2-3 (standard). If you're planning on doing further 24p edits to the file you render, then use 2-3-3-2 (advanced).
There can be a noticeable difference in the movement cadence, but not in the "quality," by which most people mean "resolution" or "color."