I bought a Digital 8 DCR-TRV320 new back in 2000, and filmed local and some national acts on it until a tape shortage started happening in 2011, then I jumped to HD. That cam was sitting around until a friend asked to borrow it to convert some tapes. He somehow messed it up and had it cleaned.
I had misplaced some audio recordings and new the video tapes had a source I could use, so I was going to play them back and capture the audio, but those tapes wouldn't play. So I had the camera cleaned again, and against his advice I tried playing one of those tapes in the newly cleaned cam, f'd up again!!
So I started trolling Ebay a couple weeks ago, and pulled the trigger on a Digital 8 DCR-TRV280, using the firewire cable into my XP machine, capturing with Nero 6 to .mpg files.
I went thru quite a few conversions with the new cam, but i'm at a stand still, since I have crappy internet at home to upload to YouTube (the T1 at work does wonders, but not really working at the moment).
Anything you convert from HI 8 isn't gonna be HD quality, but as long as you're happy with how it looks, and you can up it or burn to DVD, it should be fine.