Right, this has been a battle going on ever since the emergence of Hard Disk/Flash Disk cameras. Time for a pros and cons blog.
Right starting with tape. Bad things about tape is the whole capturing process. In order to get the footage onto the computer to edit you have to sit there and capture your footage, which takes as long as how much footage you got. Tapes also take up a lot of space, not memory space, but physical space.
However, good things about tape is that it is a physical form of your data, if you lose your footage on the computer, you at least have it on tape as a back up. Tapes are also relatively cheap these days, a box of ten panasonic tapes (equal to ten hours of recording) cost ten pounds. With tapes, you can record continually for the duration of the tape, a function that is not possible with flash disk cameras.
Moving on to hard disk. Good things about them is that they are quick to transfer, small in size, you can watch your footage back the moment you recorded it, and reliable as in they won’t get stuck in tape decks or cameras. However, cons on hard disk is that memory cards are quite expensive, a 32GB card (equal to two hours recording at full HD) costs forty two pounds. Hard drives, so that you can back up your work, for 1TB costs at least sixty pounds. Also, if you are to lose your footage, there is no way to get it back unless you back it up in the first place, whereas with tape, you have a back up the moment you buy the tape. Also, after twelve minutes of recording, the camera will stop recording in order to prevent over heating (something very common with DLSR cameras).
All in all, they both have their own functions. Tape is more suitable for recording long events, something that needs continuous recording, whereas hard disk is better for film making as you can look over the footage as you record, something that is vital with film making.