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The first is a digital version of Luma/Color Difference encoding.
The second is the raw data, and what Premiere normally converts to when editing.
The 10 bit is just a higher quality option than the standard 8 bit. It can often allow for smoother gradients between colors, less banding, etc.
In analog terms, to explain YCbCr use the example of the COMPONENT output from your DVD player. It use 3 separate cables (Y = Luminance = Green Cable), (Y-B = Blue Color Diff = BLUE Cable) and (Y-R = Red Color Diff = RED Cable). In the analog world, RGB is actually RGBHV (5-wire) and is adaptable to 15-pin VGA with a simple passive adapter. Many people will mistakenly refer to Analog Component video as RGB, since the cables are Red, Green and Blue.
So, since all that mumbo jumbo means essentially the same, this appears to be the digital "equivalent" of what is known as Component Video in the Analog world... What I said about RGBHV does not apply to the 10-bit color, but thought I'd mention it anyway.
The reason I'm asking is because in my Blackmagic HD Extreme card you can come in using YCbCr 10-Bit and RGB 10-Bit. I don't know which one to pick.
Well, I don't really have any direct experience with this kind of stuff but -- as the majority of Premiere's filters only works in RGB, perhaps RGB is a better choice?
I agree with Dan. Bringing in color difference, they'll only be converted internally for much of Premiere's native effects. Might as well start with RGB if that's an option.