Instead of exporting, importing and reencoding again with all the generation losses, you better look at nested sequences.
Sequence 1: your long form movie. Prior to encoding, create a new sequence 2, and drag sequence 1 into it. Edit that for the short form version.
You need to encode both sequences, but only have one generation loss.
Just as Harm says.
That is exactly how i edit my montages from wedding services and receptions. Just double click on the sequence in your project panel and it will open up in your source monitor. Then just scrub through the footage and set an in point and then an out point and drop it in your timeline. Scrub forward some more and set new in and out points adn drop the next clip in the timeline. From the timeline you can do all your effects to the individual clips.
FYI - I am using CS4, but I would assume that this would still work in CS5
Thanks for both your responses. I was aware that I could do it the way you've suggested, but I think it's more time consuming that way, possibly. I may resort to that, but if you could give me some tips on the different export settings/formats as well that'd be very helpful as well! At the moment I know avi is fairly reliable SD footage, WMV is good for uploading files to the net but beyond that I'm not too sure.
I was aware that I could do it the way you've suggested, but I think it's more time consuming that way, possibly.
It will not be more time consuming, but it will give better quality in the same time.
Well I guess it depends on the way that you work. Personally, it's always been quicker for me the way I said.
I would still find it very useful if you could give me some tips on the file types, if that's ok?
I do not understand what you think would be more time consuming. If you export a file then you have to wait for that to render and export, then bring it into Premiere and then edit it apart the same way that you could just by using your sequence (without exporting). Plus as Harm mentions then it is the best quality possible.
I would strongly suggest that you try it and if you really do not like it check out the hd2sd tutorial on the following page.
In the 720p60 section Jeff talks about exporting an intermidiate format MPEG2 file that may work for what you are looking for. Keep in mind though that this intermediate file is no longer necessary with updates to CS4 (and I am sure with CS5) when going from HD to SD. Obviously you would have to tweek the settings to match your footage, but it should get you going...
If you do not mind explaning what part of the process that I use you think is more time consuming. I would just like to see if you are miss understanding something.
Thank you for the link to that video. I will give it a watch soon and hopefully it will be helpful.
With regard to the different methods of working and which is more time consuming, I really only meant that the way I worked was best for me because I could leave the PC rendering/exporting etc while I worked on something else, rather than adding effects etc to each individual file which would require me to be sat at my edit station for longer. Although it might take longer to get to the end result that way, I still have more time free to get on with other things which makes it a more time-efficient way to work.
Like I said before, it all depends on how you prefer to work - thanks for asking about it though!
I think we may have a slight miscommunication. This is the way that I interpreted your original post.
Lets say you shot the Smith/Jones wedding this past weekend. You start a new project and have a Service Sequence and a Reception Sequence. You finish editing both the service and reception and just a standard full length video. Now you want to create a montage with clips from both the service and reception. In this montage you will have different effects like Black and white, Slo Mo, blurs, etc. So what you do is export the service and reception and then import those two files (or one long one) and then cut that apart and add your music and effects to make your montage. Is that correct?
The way that I do it works the exact same way except that you skip the export part.
When I edit a wedding I generally have 4 sequences when I am finished. I have a Pre Wedding montage, service, reception, and ending highlights. The Pre Wedding montage is just made up of shots from before the service (bride and bridesmaids getting ready, shots of the venu, groom and groomsmen and so on). Then I have a full edit of the service and a full edit of the reception. After I am finished with those 3 sequences I start working on the ending highlight collage. I make a new sequence for the collage then I go to my bin and drag the "Service Sequence" up into the preview monitor (I know in my previous post I said double click. That does not work, because that just opens it up as a sequence. Sorry about that). In the preview monitor I scrub through the footage until I find a section that I want in the montage. Then I set in and out points around that clip and drop it into my Montage timline, and what ever effects to it that I want, then move on to the next clip and do the same thing. To me it seems that we have the same process except that you have to wait for the export (which is always going to give you a quality loss, how much of a loss depends on format and settings).
Please let me know if I have misread your process.