I’ve been playing around with the MJPEG codec, and a 1080i file by my calculations comes out around 120Mb/s. So just comparing bitrates, MJPEG appears to be slightly better. Both codecs are 4:2:2, YUV, and 8bit, so they is no difference there. So far I’m feeling confident that capturing and mastering in MJPEG is a fine trade off to the realtime raid speeds needed for uncompressed HD.
I’ve conducted double blind tests using telecined film footage to SR with colleges who are very tuned into video detail and about half the time they get the MJPEG wrong from the uncompressed.