If you plan to edit this video again at some point, you'll want to keep them in DV-AVI format. True, at 13 gig per hour, that only leaves your room for about 75 hours of video on a 1 terrabyte drive. But, hey, that's a lot of video!
You could, as an alternative, burn them off as MPEG2 DVDs -- about an hour and a half per disc. (Three hours on a dual-layer disc.) But then you've got the messy conversion back to editable video, and that can sometimes prove challenging.
As an alternative, you can record all of your video back to miniDV tape -- one hour at a time. But, with 2 terrabyte drives selling for under $100, for my money (and time) storing them on an external hard drive is not only the most economical but it's also the easiest storage system to recall your files from when you're ready to edit.
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If you do go the external drive option (that is my way of archiving projects) I suggest you use the drive for at least thirty minutes a month, just to give the moving parts a work-out.
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Thanks for the replies.
I see a 2TB External Fantom on buy.com for $90, I guess in the long run it is way cheaper and less effort than trying to archive to any other media.
Good tip about running it every so often.