I was in the same situation - the short answer is it works fine. I bought a 6 port hub from Firewiredirect.com (about $45 or so). I've got an external HD, my video camera connection, and my cd burner hooked up through it with nary a problem.
You can also daisy chain firewire devices (I don't remember the limit, but it's more than the average person has to worry about). Just make sure that your peripherals have pass through ports (unlike my HD, which prompted the hub purchase) and patch the camera in at the end of the chain.
[ 07-27-2001: Message edited by: 2muchcoffee ]