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I would say the chances are that your old video8 cam is only mono, and therefore will only give sound from 1 speaker. Just copy the audio to the other track in the editing package to get sound from both speakers.
If the video8 cam has an S-Video output then this will be better than a composite (RCA) connection for the picture, but you will still need to connect the RCA for audio as S-Video is picture only.
Firewire is the only way to get the best quality from a DV cam to the PC. USB is no good for high quality transfer and will look poor compared to firewire.
Mark.
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