Well, I know that the old Digisuites put out MPEG2 iframe video, which is a higher compressed level of MPEG2. It was a supported feature briefly on this card. But in general, you need to distance yourself from the MPEG 2 editing and stick with DV based. You'll sacrifice hard drive space to be sure, but stability, quality, and performance should be much bigger considerations over hard drive space.
You CAN get more hard drives.
-Aaron
http://www.stopfcc.com/
Knock it off! I like my radio and television the way it is...