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I have the same problem, with a HD camera approaching the top of my wish-list. I also have another problem, namely that it will be used for filming portions of a documentary series which I commenced in October 2005.Recently, we capitulated, at last, to the ‘obvious’ and bought a modern flat-screen TV and video/recorder-player. Our initial recordings were of the BBC ‘Life’ series of Natural History docos. A copy could only be downloaded from the video-recorder in mpg2, because of DVD limitations and so I did so. Seeing that the camcorder I intend to buy shortly is also ‘Panasonic’ and fully compatible, I intend to shoot in HD, but allow the recorder to do the mpg2 transcoding, which it does brilliantly on our example. I will have the advantage, as I see it, of first-rate Standard definition, which at 720 x 576 will be a breeze to edit without ‘proxies’ and by downloading and storing my ‘Hi-Def’ footage for possible future use, options for the future, should I need them. I have excellent mpg2 codecs of my own, installed, and that way I can ensure continuity of what I am doing, and enjoy all of the advantages.
I prefer mpg2 currently to many of the more modern formats. It has had a huge amount of research/development, go into it and avoids the pixel-clustering tendencies of many contemporary formats, when they are not set up optimally.
One more note, it is all in 16:9 widescreen, which I have used exclusively since 1975, using in those days, a 16mm Bolex reflex and anamorphic lens.