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DV video tapes are recorded in a highly compressed 25Mbit stream. The only way to get them on DVD and retain quality is to capture the DV content as an AVI (or high res Quicktime) and then write the AVI or Quicktime file to DVD. This will only give you about ~20-25 minutes of video on a standard single layer DVD-5.
Compressing to MPEG, even at a very high bitrate, may look fine to view it, but it's a really bad idea if you intend to later use the MPEGs to edit and re-output, or transcode to a different format. MPEG is a lossy compression format, so editing from that and then re-outputting, or transcoding to another lossy format will introduce artifacting into the final video.
We keep all of our edited AVIs on RAID arrays which are also backed up on SDLT tape (SDLT, like LTO, is considered an archival format commonly used by banks and government that is supposed to be good for 50 to 100 years.) Our HD content is stored on SDLT.
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