Webcam as an alternative to camcorder?

I am interested in knowing if a webcam will be a cheap alternative or backup for video recording meetings and interviews I am doing as part of my research. In order to make a decision, I am trying to get an understanding of the differences between a webcam and camcorder. I would appreciate if someone could help me out here. The following is what I have ascertained so far:

1. Assuming I'm not using HDV, it seems that my $30 Microsoft LifeCam VX-1000 has the same framerate (30fps) and resolution (640*480) as a standard camcorder.

2. It seems that one thing is definitely different is the data transfer rate, which I understand is 3.6 Mbs, for camcorders, but much less for webcams, though I do not have the specs for my webcam. (If anyone knows, please fill me in.)

Can someone verify if this information is accurate, and if so, let me know what I would be sacrifing in terms of the quality of the picture. I am less interested in portability issues (naturally, for instance, a webcam needs to be connected to a laptop) or features that I may be losing (e.g., zoom).