Understand your terminology. Many people make the assumption that 24P is always a HD format, and this is simply not true. The term "high definition" refers to the number of lines of resolution contained in the image you are capturing--which bears no correlation to the frame rate, which is what the "P" in 24P refers to. There are many different types of HD resolutions, the most common of which is 1920x1080, which is also referred to as 1080p or 1080i (interlaced). Simply put, interlaced makes the image look more like " standard" video, whereas 24 progressive is the video equivalent of film and gives the image a softer, or "film", look. The reason it gives that " film" look is because it eliminates the artifacting caused by the interlaced frames. So again, 24P does not necessarily mean HD. Please realize that many camera models on the market today are capable of filming in 24P yet are not high-definition cameras. These are mostly "prosumer" MiniDV.
Choose you camera. As with anything, price and preference go hand in hand here. Do some detailed research before you purchase as there are several good cameras on the market. Although I personally am a fan of Canon products, they are more costly. However, the Panasonic AG-HVX200 16:9 HD - DVCPRO - DV Cinema P2 Camera with CineSwitch is an excellent camera for the money that is compatible with both FCP and Avid editing systems.
Choose your editing system. Again, we are down to price and preference. Without question, research and find out what is best for you. I use Avid DV express pro on my laptop and enjoy professional editing at a fraction of the cost. My software can be easily upgraded to the full Media composer suite, should I need to do so. Avid is available for both PC and Mac, whereas its strong competitor, Final Cut Pro, is only available for Mac computers. You can go to both companies’ sites and download demos of the software and test drive which is best for you. Regardless of which system you use, you must make sure both camera and editing system are compatible. Since many cameras are moving from tape to capturing data on either P2 cards or disk, you may be required to purchase additional hardware to transfer the data from the camera, card or disk to your computer. Both Windows and Mac come with consumer home-editing software but neither are going to have all the whistles and bells or compatibles of the higher end software. Finally, purchase an external hard drive for all your media back-up. Nowadays, you can purchase sizable drives for little money.
Select your frame rate. Remember, HD doesn't always mean 24P. So first check with your editing software requirements, because although all HD cameras do have a setting to shoot exactly 24 frames per second, your software may require that your camera be set to 23.976 frames per second, or 23.98.
Now select your aspect ratio. The HD spec produces a 16:9 image, which is a 1.78:1 aspect ratio. This is almost identical to the traditional aspect ratio of spherical 35mm prints (1.85:1) and is by far the most common aspect ratio of HD material. But what if your story begs a wider picture? To mimic the 2.35:1 aspect ratio produced by anamorphic 35mm, you must crop the top and bottom of your 16:9 HD image. Camera rental houses can provide viewfinders with these markings. Realize, however, that this will result in a small resolution loss, which some may consider undesirable for projection. When shooting 2.35, it is still advisable to maintain a "16:9-safe" frame and to not have any flags or equipment in the entire viewable area of your monitor.
Go out and shoot a test. The most efficient way to ensure that you are capturing images correctly is to practice. The last thing that you want to do is to attempt to capture an important event without knowing how your camera operates. So, after you have becomes acclimated with the basics, go ahead and practice with various shutter speeds and camera rates. Try different lenses settings and filters if you have them. By all means this is the time to experiment. Have fun and who cares if you foul up? This is the time to learn at your own pace.
Transfer your media to your computer and edit your test footage. Following the directions of your software package, string together a sequence. Again, this is the time to experiment with the software’s effects package and audio effects. Once you are satisfied that you have a handle on your equipment, you are ready to shoot something of substance.