I've heard from several sources that 1280 x 720 has been the preferred resolution to shoot in with the JVC GY-HM700 but what about frame and bit rate? My next gig is a dance performance including everything from ballet to hop hop. Any recommended frame rate settings for that type of action? I'll be shooting a 3 hour show on one day and four 1 hour shows on another so I'm also trying to keep the number of SDHC cards needed to a minimum plus I'll be compressing to SD to distribute dvd's for sale.
If you're delivering in standard def, you'll be fine with the lowest bit rate, especially since you're not going to have a lot of full-screen motion that would require more data. If you're in a situation where you're doing more camera motion with a highly detailed background, you'll see the difference in a higher bit rate.
If you want to deliver it on DVD as 60i, shoot 1280x720 60p. If you want to deliver it as 30p, shoot 1280x720 30p.