Hey Gemini....
Best format for taping that is within reach of most consumers is MiniDV ... it stores the images digitally (numbers) so even if the tape gets wear and tear, the image stays the same. Then you have the other analog formats, like 8mm, VHS, etc.
For capturing from tape, it's best to capture to raw AVI (Indeo 5 is the current windows compatible version) .... but, a five minute clip takes over a gig. The advantage of Indeo is that you can quickly convert mpeg clips.... if you START with mpeg, and convert to shorter mpeg clips, it takes... mmmmmmm... lemme calculate her a minute... takes FUCKING FOREVER.
Mpeg-2 (.mp2 or .vob files) is excellent quality, but HUGE fucking files. DVD uses mpeg 2. Mp2 files look like you're watching a real movie on your computer.... but talk about HUGE! Average movie (100 minutes) takes up about 7 GiGs of space.... and it's hard to find editors that most consumers can afford, that will handle those huge files. Windows won't allow ANY file over 4 gigabytes, so most DVDs break up the video into .99 gigabyte chunks, which are good for about 25 minutes each.
If you like ,email me with any video questions you have ... it's a passion of mine
[email protected]