We bought a Pro-Cache5 and are pretty happy with it. For what it is.
My thought was to buy CATDV to flesh this solution out, give us easier searching of what is on Cache-A device. However, most all of our source footage we are archiving is from JVC HD-250 firestore, which is JVC's flavor of HDV.
Kyle is absolutely right, if you're at all unsure whether CatDV is suitable for your needs download a trial. In unregistered form there are some limitations but most of the basic functionality is there, but if you send an email to firstname.lastname@example.org we can send you a fully functional temporary license for the software (including networked products such as the Worker Node and Enterprise Server, if you need those).
In the case of HDV, CatDV will directly import and extract metadata from .m2t files. However, QuickTime can't play the raw files and so playback in CatDV is a bit limited. There are several options, the question to ask to determine which is more appropriate is what your overall workflow is and how will you be working with the files in your editing software:
If you install Xuggle you can get very basic jerky playback, suitable for previewing the .m2t files only, but can work with the raw files.
If you're going to transcode or rewrap the files as .mov's or similar (eg. using a utility like ClipWrap) then you can play those in CatDV.
If you want to catalog the HDV tapes and capture proxies only, going back to the tape to edit them at hidef, then you can use our older Live Capture Plus product and set your deck to downconvert HDV to DV, then convert the DV to a proxy format such as H264 or Photo JPEG/OfflineRT.