My bet is that it will make 30 minute max files.
It's a well discussed area but let's see if they document the camcorder. Not documented.
However in the spec you see it can fill the internal 8GB in 35 minutes so it appears you need to talk to Sony. As that's something they can answer I'll stop here.
Most camcorders break it up but I can't know which do and do not and my advice is to never buy units that have no support.
As to the HDD question, again, I feel this is a dead end solution as AVCHD appears to require conversion before the iPad will see it. I see this camcorder has MPEG 2 and that does play.
-> After all this, if the makers are not talking, chastise them and make sure you can test it all and return it when it fails.