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No, it is not standard in CS3. Out of the box, CS3 will still render every single HDV frame in every sequence when it is time to output.
The MainConcept plug-in doesn't support CS3 yet, you might want to contact them to see if they can give you an indication as to when it will.
Is the quality of the PPCS3 HDV encoding as good as or better then the encoding of the Mainconcept HDPro with Premiere Pro2 ?
From what I hear, it is better than PPro 2.0. I encountered so many bugs with PPro CS3 trying to edit my HDV projects, that I couldn't get to the encoding steps of my workflow. I had to switch to a different NLE to get my projects completed :(
The big advantage with Main Concept's MPEGProHD plug-in for PP 2.0 is that it uses smart rendering so that HDV clips are not rendered unless there have been editing changes made to them and in the case where changes have been made, e.g., a transition or simple cut, MPEGpro will render only the affected area of the clip and adjacent GOPs. It's output is significantly faster than native PP 2.
Unfortunately they do not as yet have a version that works with CS3 and I can say from experience that the MPEGProHD 2.0 plug-in does not work with CS3. I'm still waiting for a response from Main Concept on whether or when they will develop a similar plugin for CS3.