I'm not an expert, but I think the old video colorimetry was biased to help keep reds from blooming... really, NTSC & PAL & SECAM all have lousy reds... and transcoding them just seems to make them worse, doesn't it... new HD digital system does MUCH better in this regard, so the colorimetry can be opened up closer to the whole human range. This makes it more film-like in some ways than old video, and support for the traditional framerate of 24 fps makes it even more so.
One benefit is demonstrated by a story I heard... producer used to shoot video along side of film so he could get his 'dailies' instantly & save printing costs & time... when he upgraded his video to HD it was so good he threw away the film...
Your comment on sync pulses shows you're thinking about the analog transmission of digital video... it's also shipped around in digital form. For professional cameras, optical outputs of the raw uncompressed digital HD video are output & processed externally.
I'd think HD video would be a good choice for your project... but professional digital cinema is moving beyond this to what is called '4K'... it's basically twice the resolution of current HD video, 3840 x 2160. As a pro, you'll probably want to investigate this more... way outta my league.
If you shoot digital, you'll be all set for a cheap production of the HD-DVD after your theatrical release.
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