The problem with Hi Def is that you need a Blu-Ray burner to turn it onto a Hi Def DVD, then you need a Hi Def DVD player to show it, on your Hi Def TV.
Verrrry expensive. Especially since most home movies are verrrry amateurish anyway!!
I would suggest that cheap and cheerful is definitely best, in this case. In fact, despite the slightly below-average quality, the short videos that I take with my Kodak digital camera, which is always with me, give me and the relatives the most fun! (Not that I would knock a good reasonably costed camcorder.)