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It's old camcorder footage from the 80s and 90s which has been converted by the owner from the source tapes. I need to edit out the sensitive/boring stuff before handing it over to a proper media team for a release campaign so quality is kind of important. It really makes me appreciate how far the world has come on with image stabilisation!
Thanks for all the free suggestions, I'll have a play.
Are you shooting for broadcast or working in slow motion?
MP4 does cause a loss of quality, but for most uses it's hardly a problem.
Handbrake is a free, easy way to convert on a mac.