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I've recorded a few shorter tv shows (say 5-10 mins), and they are usually a couple gigs as mpeg3, and I found by popping them into Windows Movie Maker2 (free from MS) I can get them down to about 100 or so mbs without any real degridation in quality. I have an ATI TV Wonder, though I used an 8500AIW before hand, and in both cases the WMM trick worked for both cases. You might try it, but like Scott mentioned it is a long process.
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