I think it would help if we understood what you plan to do. Are you a hobbyist or aspiring professional? Are you looking to make a short? a feature? Music video or commerical? Corporate presentation videos? I guess the common reaction would be to assume that 2 cameras are better than just one, but I don't think a single camera would be a serious limitation. Again, it depends on the project.
As for standard vs. digital -- assuming you will be doing your editing on a PC or Mac, you would get better results importing digital video.