You can only record standard-def to tape. All high-def resolutions must go to the P2 cards.
The standard-def quality on tape will vary from camera to camera. Depends on the sensors, the glass, the compression, etc. Hard to say if one camera is better than the other without side-by-side comparisons and detailed spec study.
If you are only interested in standard-def on mini-DV, you may be able to get by with a less expensive camera than the HVX200. Don't get me wrong, I like my 200, but I would not have bought it if I had not intended on using it's HD capabilities.