This looks pretty cool, but it’s still a bit hobbled for professional use. The MPEG-2 compression won’t be too bad - 1080i broadcast signals are around 19 megabits, the camera is 18.6 megabits (but at 720p), so compression-wise it’s just as good as, if not better than, most HDTV broadcasts. (of course it won’t have the sharpness of true 1080i captured with a really good lens or transferred from film). MPEG-2 is pretty nasty for editing (you have to break apart and re-encode a few frames surrounding each cut), not to mention FX work (I wouldn’t even try it)… It’s good as a final-delivery format (like JPEG), but not for source material.
MPEG-2 uses 4:2:0 sampling. This means if the total image resolution is say 720x480, the luminance channel is stored at 720x480 but the color channels are stored at 360x240. Or at 1080i the luminance is at 1920x1080 and the color is at 960x540.
4:2:2 (Digital Betacam/HD D5) means that if the total resolution is 720x480, luminance is 720x480 but color is 360x480. (it’s sub-sampled horizontally but not vertically).
4:1:1 (NTSC DV) luminance 720x480, color 180x480 (yes DV has only 180 color samples horziontally!). PAL DV uses 4:2:0 like MPEG.
HDCAM uses a weird scheme where it stores 1080i luminance at 1440x1080 and color at 960x1080. People call this “3:1:1” but by the numbers it’s more like 3:2:2.