The following is compiled from a series of posts I made a few years ago on the Complete Paranormal Research message board regarding whether or not digital was better than conventional.  The topic was initiated by a new hunter looking for advice on digital cameras.  I have done my best to edit the 5 or so posts here into one linear essay but if something doesn't make sense please feel free to LET ME KNOW.

What equipment should you have?
I carry a digital camera when investigating and I always have. If you are out freelancing it really has a benefit to it since it shoots quickly, will shoot in zero light and stores a great deal of images.  But at the same time I have the knowledge and experience to know what I am seeing in the pictures and I understand how to weed out the crap.  I also own 2 SLRs.  Realistically the 4 pieces of equipment I would suggest above and beyond anything else are the following:

1. Good quality 35MM SLR ideally with quality high-speed film
I say good quality film because of the fact that film speed is largely due to the emulsion size on the film. The larger the emulsion the faster it creates the image. The drawback is that the faster the film gets, the bigger the emulsion and the more grainy the pictures become. High quality film tends to be much less grainy than cheaper film of the same speed.

Infrared film is also stellar in my opinion BUT it comes with a price. First off it is expensive - $7-$10 per roll for good stuff. Second - it is a pain to process. 90% of the film developing systems out there are light proof but NOT infrared proof. Check with whoever you plan on having the film processed by to see if they can process infrared BEFORE you buy. Also understand that infrared film isn't governed by the same rules as regular film so you will need to experiment with aperture sizes, shutter speeds, etc.

2. Good quality microcassette voice recorder
$20 gets you in the door but $39-$50 will get you one that has some noise suppression which makes your "post-production" work a little less. Start with the $20 one and work up to a better one once you learn how to use it effectively. No reason why you can't use more than 1 recorder on an investigation so buying a 2nd one down the road isn't a waste.

When using analog tape recorders I would also HIGHLY suggest investing in an external mic.  If you can afford an omni-directional boundary-style mic that is ideal but if not any external mic will work.  The reason for this is to get the mic away from the recorder which will dramatically reduce the amount of mechanism noise you will encounter and ultimately have to wade through when doing your analysis.  Boundary mics tend to pick up a lot more ambient noise since they are more sensitive.  If they are omni-directional (non-directional) then they will pick up sound equally in a 360 degree radius around them.  Standard condenser mics generally pick up progressively less the closer you get to being perpendicular to their axis.

3. EMF meter (If you are like me and not a sensitive then it helps point you places)
Self-explanatory but learn what EMFs are in the real world and understand what can create them so you aren't taking a lot of pictures of a wall and a light switch.

4. Decent SONY Digital8 video camera with steady shot and night shot (This is optional however)
Sony is the ONLY way to go.  They are the ONLY consumer manufacturer that incorporates TRUE 0lux functionallity into their equipment using an IR system (Others may claim to have 0lux but in reality all they do is decrease framerate, open up the aperture and increase the gain - it works but images are choppy, grainy and all-around useless).  Pawn shops usually have deals on older Sony Digital8 equipment (We usually pick up our Digital8 video cameras for under $100). Digital8 is the best way to go but if that is still too pricey for you get a Hi8. It offers double the record time over standard 8MM plus much higher resolution and more generations before quality degrades.

I am recommending Digital8 because the equipment is older and more reasonably priced.  If you are willing to spring for current technology then MiniDV is the way to go.  For paranormal investigating I'd stay away from the DVD disc style cameras.  Media cost adds up but at least tapes are reusable.

That's it. No digital cameras, no digital voice recorders, no DVRs, no thermal cameras or FLIR systems, no Geiger counters.