Convergence.
Everyone, is falling in love with the notion of being able to capture HD video as well as high-resolution stills from a single capture device (the artist formerly known as "camera").
Don't get me wrong, I'm excited too. I've seen a lot of change in the technology side of the business. But there are some pitfalls to beware of; in a poor economy or a great one.
My earliest experiences professionally and personally were with still film cameras. My workhorses used to be Nikon F4s bodies, with a mix of autofocus and manual focus lenses. I have a Nikon FG (circa 1984) that hasn't had a roll through it in about six years, but still works. I recently acquired a Rolleiflex Automat from 1951 that still works perfectly. In fact, an Olympus point-and-shoot my mom got me as an 8th grade graduation present still works.
While I don't use 35mm really at all anymore, I still use 120 pretty frequently in bodies both a few years and several decades old. To make my point, $10,000 of equipment as a 10-15 year investment wasn't a bad deal at all.
Fast forward to the digital era. Since about 2002, it seems that I have been stuck in an almost endless upgrade cycle. Where I could do my job previously with some downright ancient hardware (by today's standards, at least), when the expectation became the speed of digital, I had to move quickly.
I had a couple of D1 bodies that I dumped as soon as something visually better came along, and proceeded along that very expensive path over three or four bodies until the release of the D2X; about the same time that all the brands hit 10-15MP in their top-end models.
Now we're talking about tens of thousands of dollars invested in hardware that may only last a few years.
I keep using those D2X bodies today because the quality is there, the reliability is there and they meet the technical requirements of nearly all of my clients. They'll need to be replaced at some point, but they'll be replaced when they no longer work.
And here again today, I am faced with what could be the beginning of another big upgrade cycle as video capture becomes a more-expected tool to be used and manufacturers are edging towards dual-functionality bodies.
What have I learned from the film to digital progression that I can apply to the digital to the still/video progression?
It's really easy to hemorrhage money and shoot your business in the foot if you're not careful.
That bleeding can cause you to either raise rates (if you have clients in this economy who will tolerate it) or take less home.
True enough, you have to spend money to make money. A mechanic needs his tools, a painter needs his brushes and a photographer needs her cameras.
But think about the sustainability of the tools before you whip out the AMEX.
I just read a certain "professional photography" magazine while at the doctor's office, and was blown away by the glut of hardware available for 'converting' the new Canon 5D Mk. II into a shoulder-fired missile launcher cum video camera.
Pretty cool that you can do it, but at what cost?
In my experience, there has always been a lot more equipment necessary for video capture than still capture. And that's true whether it's a combo DSLR or an IMAX camera. It's a high-cost proposition from the get-go.
Add into that the amount of equipment necessary to turn your digital body into a more fully-featured video camera (off-camera finder screen, audio inputs, rails systems, focusing tools, etc.), and you're talking about a pretty hefty investment. The question isn't whether or not to purchase the tools to do the job, it's how to do so wisely.
Now more than ever, it is critical to pick the tools that have some staying power in your kit: The kinds of things that will let you squeeze every last dollar out of them before they fail or become unacceptable to your clients.
If an all-in-one capture device suits your needs practically and financially, by all means, shop away. But do so bearing in mind that all the bolt-ons for a certain body may or may not work with the next generation body a year or three down the road.
When buying new hardware or accessories, keep an eye towards standards. Buy bodies that accept standard microphone inputs so that you can preserve the audio capture hardware over a few body upgrades. Having standards-compliant hardware also makes a lot more sense if you find yourself renting "extras" often.
Maybe consider a standalone HD video camera that you can use with or instead of your still rig. It might be an extra piece of equipment to lug (and get used to lugging LOTS if you're into video), but it can extend your flexibility quite a bit, and if you kill one on a job, you're not out both.
If you buy an audio recorder, make sure that it can handle the microphone rig you bought for your video camera or dual-function body.
And perhaps most importantly, if you don't use a piece of hardware frequently, rent it. Rental shouldn't really change your books too much, since you should be charging clients a price that reflects your equipment overhead costs anyway - whether you rent or own the hardware.
As an aside, I know a lot of photographers who are quite successful (and much smarter than I) and keep an absolutely basic amount of equipment; or even none at all. They rent what they need when they need it to avoid the upgrade cycle and to simplify their books.
There's a lot of good stuff out there now, and undoubtedly better and more exciting stuff around the corner.
Make sure you have the tools for the job today and the means to make the money to keep you in business tomorrow.
Spraying money around on frequent and poorly planned "upgrades" and one-off doodads will only harm your bottom line and put you on the fast-track to a cubicle job to pay off the credit card.
