MPEG-2 is old as dirt, amazing for what it did way back when, and totally mind-boggling to me that it got a second life (or third) as an acquisition format with HDV. (I hear Sony holds many Mpeg2 related patents, and this explains its longivity.) Today it shines as a medium quality codec that requires little overhead, ie. processing power, for compression and decompression. On a bit to bit data rate comparison it does not hold up in image quality to a modern codec like H.264. The trade off is H.264 requires more processing power to get its pixies to do the pixel magic. (thus more battery juice in some portable situations.)
Just like MPEG-2 in the recent past, processing power for H.264 is less of an issue with all these cores and GPUs we got these days so be on the lookout for a new codec that totally maxes out your computer with crazy resolution and small file sizes. cough, cough, RedRay, cough, cough.
For me, MPEG-2 is an end-of-the-line codec, only for making DVDs. With HDV, I convert it to Prores on ingest. I use H.264 everyday for delivery via web and devices. I have not yet had the opportunity to work with any h.264 files straight from a camera (aka AVC, AVCHD, etc.), but h.264 makes a lot more sense to me as an acquisition format than mpeg-2.
-Parke
——-Stuck On On——–
Audio and Video Post Production