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I do a lot of video encoding mostly from hdv nowadays and I never feel that it is worth messing with the frame rates just to save some file size. I leave it at 29.97 or 30 fps. I'd' rather lower the frame size and video and audio bitrates for the lower quality versions of clips.
I used to mostly make 320x240 and 640x480 mpeg-1 and wmv clips from standard definition videos, but nowadays for widescreen wmv and quicktime and possibly flash clips I make a smallish version at 480x270 up to 1280x720 or even full size 1920x1080 for those that want very hi-res files.
Also don't forget if you are filming hdv with an interlaced camera you have to de-interlace the clips on capture or in the encoding process to best display them on computer monitors.
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