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DVCpro50 is much less compressed than DV and contains 50% more color information.
There really isn't a benefit from editing or coloring in DVCpro50. Unless you're doing a whole bunch of recompression (which is almost never the case and for which uncompressed footage is the only way to go) it won't make a difference.
Since the footage is already shot in DV you don't gain any color information from the conversion. Both are 8 bit codecs so you have the same number of levels of gray as DV. Coloring in a 10bit codec or higher is beneficial since it allows for more color precision allowing you to do more before banding starts to show up.
knightly, you might want to check out the SheerVideo codec.. It's a lossless compression codec, touting itself to be the fastest in the world...
SheerVideo encodes and decodes nearly instantaneously, faster than real time. Not only is SheerVideo the fastest codec in the world, it's also faster than any storage device or transmission channel. Faster than the fastest hard drive or tape drive. Faster than Gigabit Ethernet, faster than HD-SDI, faster than FireWire 800.