Many BluRay and better DVD players can play the file directly. You don't need a BluRay (BR) recorder because if you had a BR player you already may have what you need.
There are far too many tutorials on this so I'll offer one to start. There are plenty more.
http://www.wfu.edu/~yipcw/atg/hdv/avchd/disc/ covers at least 3 software titles and there are plenty more.
I have just bought a Panasonic HC V500 high def video camera, to record my first childs early days.
Once the videos are on the camera in full HD i don't want to put the videos onto my pc as it degrades the quality of the video (looks grainy)
I have seen in the manual the say i can record straight to a pana VW BN01 external DVD recorder. but it seems silly to record in 1080p and then put it on a normal DVD.
Is there a Blu ray version that is better or will the DVD be ok?
There not much of a budget as most of the funds are going to the child.
Really im just after advice on how to save these precious videos.