what are the advantages/disadvantages with DVD-R
DVD-R is the most compatible DVD format. You'll find you'll use this when you want to archive something long term. Record whatever you want to archive onto the HDD of the HS2 (preferrably using XP mode) and then dub to DVD-R in 'FR' (Flexible Record) which will fill the disk maximise the quality. I suggest you try to dub no more than 2hrs 15min to a single DVD-R as quality will then start to drop - obviously if your recording a long film you have no choice but for series etc.
what are the advantages/disadvantages with...DVD-RAM
You will find recording on a DVD-RAM disk is identical to recording on the HDD (although there is less space obviously!). However you probably won't record directly to DVD-RAM as you have the HDD so you will find you effectively use it as a HDD extension. Programmes that you want to watch in the future or that your not certain if you want to archive can be dubbed (without loss of quality) to and from DVD-RAM disks to save space on your HDD.
DVD-RAMs come in a variety of types and flavours. For use with your HS2 your interested in 4.7GB and 9.4GB disks only (ignore the 2.8GB and 5.2GB - they are for camcorders). Both 4.7GB and 9.4GB disks can come in caddies (cartridges) although these days it is quite hard to find 4.7GB disks in caddies as the non-caddy version is more popular.
If your planning to use DVD-RAMs in other machines, i.e. a PC DVD burner or a RAM compatible DVD player then I suggest you use non-caddied versions as it will save you the hastle of removing the disk from the cartridge and non-caddied disks have a protection layer on the disk itself. If you don't plan to use them in other machines then I suggest you get caddied disks as these will far outlast any other media and are ideal if you have kids/pets etc