I got it to work!
So after many hours, the solution seemed so simple that I feel a bit stupid.
So the problem was that iMovie would recognize my camera but would not import the video. I would click "import" and iMovie would start playing the camera but NOT import the video. Then it dawned on me...I hit "play" on the camcorder & the video began to play in iMovie. Then, while the video is playing, I hit "import" and the clips started to import!
Seems so intuitive now but I assumed you just clicked "import" and the video woul import. Go figure.
Anyway, I've combed through various forums & help docs regarding my camera (JVC GR-DV3) & never found a solution but found that others have had my problem as well. So hopefully , this will help those with this type of problem.
One more thing...if you have my particular model of camera, you have to have the camera in the base station & operating on AC power in order for the firewire port ot be active. It will not work on battery power.