For some more reading about the subject:
Look for 'online and offline editing' in the manual.
The trouble is that if I set up a HD project the SD video is too small and has to be made bigger and rendered. If I replace the video in the SD project with HD I have the reverse problem. I tried exporting the edl for the SD sequence and then importing that into the HD project but that doesn't do what I need when batch importing - it looks like I have to make every edit a sub-clip.
If I knew how to copy the edits from a sequence (ie the in and out points for every edit) to another sequence that would sort of solve the problem.
I like a challenge!
I have the same problem.
If I create a SD project and later import this into a HDV project, recapture clips in HDV I find that the HDV clips are approximately 16 frames longer. I can't find anywhere I can trim this down within premier so that all my edit line up correctly.
Any help would be appreciated.
I tried my HD project in CS4 recently. The HD was fine, as expected. I then exported to MPEG-DVD in the media encoder to make the SD version. When I tried this last year in CS3 the SD verion was not very good (understatement). However, the SD version I made from CS4 was very good quailty. Either CS4 has improved greatly or I am now using it properly. So no more HD/SD projects for me. I will edit in HD and export to SD when I have finished.