This is great information, I thank you all for your input. Question: How can i go about setting up a monitor on set? For example I have acess to either 2 canon XH A1 or 2 Sony HVR V1U cameras so what is required to connect these cameras to the monitor in order for me to view what is being shot from both cameras?
IÂ have a 22" flat screen monitor and a 19" flat LCD monitor. How can i view on the monitor what is happening on the cameras? Are there wireless devices for the cameras. I have only been shooting video for a little over a year and now I am thinking about getting serious with this great hobby!
Can anyone tell me how to connect an exterior monitor to a camcorder? I would like to use a hard drive camcorder but wouyld like to be able to see footage numbers on a remote monitor sitting at a desk in a classroom environment while the camera is recording.
Adobe's Production Suite has bundled the new software OnLocation (not sure if it is sold seperately, but right now it only works on PCs not Macs) where you can hook your camera directly to a laptop and make all of your adjustments and correction to you camera before you start to film. Plus it records directly to you hard drive, so you dont have to capture!!! It also has an effortless control for replying when you are on location filming, if you need to go back and review something or you need to show your client a particular clip. I have mine on order and it will be here Thurs. not sure if anyone else has used this software, but it does eliminate the need of carring a tv to your shoots.
another capture option from Applied-Magic is HD Direct:

 I would like to note that inexpensive LCD monitors are NOT good for monitoring color. CRTs are much more reliable, and then must be calibrated on bars to ensure that they are trustable.Â
There are some industry standards. Usually ENG cameramen never use monitors. It takes skills, but normally people hardly ever screw it up. Look at major TV network - there is no monitors there except for the studio work.
Production houses often use monitors. Director, producer and probably the customer, all want to see the picture on the monitor to make sure the cameraman knows what he is doing. It makes some creative opportunities as well, like little brain storms on the shoot, etc.