Low pressure at extreme altitude will certainly be a problem: ipods (which also have small, high-capacity HDs) are well-known for failing somewhere above 3,000m/10,000ft as I found out myself. For best info and explanation check out:
iPod: Altitude Limit. ipods generally seem to be fine again once under 3,000m (mine was) but now I know about the problem I wouldn't take the chance with an HDD camcorder, especially if it already had footage stored.
Robustness also does not seem to be the issue: consensus is that higher capacity HDs more prone to failure, especially when working hard (eg ipod playing video rather than just music) so trying to record hi-def video looks like asking for trouble...
Also, you cannot start up an HG21 without spinning the HD. If you really do need to shoot at high altitude you'll have to forget about HDD.