Have you tried restarting the machine with the camera unplugged, going into Activity Monitor inside Utilities then Quitting the HP process, then plugging the camera in to see if it is mounted. That would at least tell whether that Process is causing an issue.
Also, you said that you can see the device in System Profiler... When you go into Disk Utility can you see the Card, mounted or unmounted, in the left pane?
Just as another check, have you put a different CF card into the camera or card reader to check it is not just an issue with the card or card formatting? I know it's a dim one but it cuts out some simple possibilities.