
I do know losseless vs lossy, they teach this even in digital imaging and I am aware of several different types of algorithms from Computer Science classes. However, what they do not teach much is video compression techniques, which is better and what qualities each has. This I have had to learn as I go. I have been learning a lot from vcdhelp.com and other web sites, but there is always more to learn.
In the lab, we use both Mac and PC and many softwares: (on Mac: Final Cut Pro, Adobe Premeire and iDVD (which is quite limited but free). On PC we use Premeire, Vegas Video and MovieMaker 2 (which really sucks in my opinion). At home I just have Vegas for video editing. We probably will not be buying any more Macs for a while due to new federal and state accessibility laws, unless of course Macintosh starts making their Operating Systems more compatible with screen readers and other handiccap-accessible software and hardware.
Generally I use the mpeg2 codec that comes with Vegas Video. This video is currently over 100 MB but I cannot remember exactly the length and size since I do not have it with me here at my parent's house. I really cannot afford to spend any more money, so no video card for me. I have been wanting an ATi All-in-Wonder card for various reasons, but just don't have the $150-$200 it will cost for any video card. I have not seen any capture cards for under $100 and from the reviews I have seen, it would be a waste of that much money to spend it on those, as they are not very good. I have friends with much better systems than mine and they have tried out various cards and say that spending less than $200 on a video capture card will give you inferior captures.That is why I looked into buying a used Dazzle Bridge off eBay, since it could give me good quality and I could also output from computer back to VHS as well. I am broke right now! So, I am waiting until I get out of school and have a job to do that!
Right now I am thinking of sending the video to a friend in Iowa who does lots of video restoration. He offered to do it for free, so I may take him up on that offer since he probably has more time than both of us!