When a miniDV camera takes the actual picture, it is already compressing it 5:1 (known as DV25) when it goes onto tape. When you capture it to hard drive, you really aren't doing anything in the way of compression; you're really just moving the data.
Compression comes into play if you actually have it compressed by codec (for instance Avid's 15:1s which compresses it 3 times over standard miniDV compression and removes 1 field (in America, consumer miniDV cameras take 30i which means there are 2 interaced images for every shot-- you can save space but degrade image by removing 1 field; this is used for offlining))
Compression is really used when sampling analogue formats or using uncompressed formats or low compression formats (DV50, DV100, etc.) We're talking much more expensive cameras using different media (Digibeta, etc.)
So to answer your question succinctly, colinet, you aren't degrading or compressing your video when trasferring from your camera. That's the resolution and quality your camera took it at. If you want to be able to transcode without a computer to the hard drive, that takes different hardware (it is available though for in-the-field use.) You still need electronics to adjust the data speed to the drive and transfer timecode, etc.