Workin' is right.
Your "record" function will be disabled, since digital camcorders automatically detect the copy-protection signal. Unless you have a crack for Macrovision on your ATI card, you'll be left stranded.
Also, from a very different point of view, copying DVD's on DV is economically non-viable. The tapes will cost a lot, you can only record a limited quantity of data (even in LP mode), and the wear on your machine (camcorders are delicate!) is greater than the costs incurred from buying the damn source DVD (unless it's OOP, in which case you might have a good reason)