I suppose it depends on whether you want to 'archive' something - keep it for posterity in your video library in the fond belief that you might watch it again some years down the line. In that case, you'd want to extract it to a more standard - and probably more economical - format than a Hummy ts, so that it can be stored and played on other equipment.
I also still find the on-box editing pretty kludgy. Setting the bookmarks is not particularly precise and the loss of 5-8 seconds of sound after each edit is annoying. That said, there was a time when I downloaded recordings from my 9200T (a commitment in itself), edited them in VideoRedo and then encoded them to DVDs - and thought it was worth the effort. I have a cupboard full of old home-made DVDs and never watch any of them, the poor quality being a major issue. Times change.
As for downloading, well, that's a term that covers a multitude of possible sins...